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Noble Finalizes Agreement for Payment of Tax Arrears on Project 81
(via TheNewswire) Toronto, Ontario / TheNewswire / October 17, 2017 - Noble Mineral Ex...
About this update from Noble Mineral Exploration Inc.
[{"type":"text","content":"Noble Finalizes Agreement for Payment of Tax Arrears on Project 81(via TheNewswire)\n\n \nToronto, Ontario / TheNewswire / October 17, 2017 - Noble Mineral Exploration Inc. (\"Noble\") (TSX-V:NOB, FRANKFURT: NB7, OTC.PK:NLPXF) announces that it has entered into an agreement (the \"Agreement\") with Ontario's Ministry of Northern Development and Mines (the \"MNDM\") regarding the payment of tax arrears and accrued interest on Noble's Project 81. As previously announced (see Noble's news releases of July 29, 2015 and January 18, 2016), Noble was advised by the MNDM that mining land taxes were assessed against its Project 81 patented lands (the \"Lands\") beginning on January 1, 2012. Under the Agreement, Noble has confirmed that the amount it currently owes to the MNDM stands at approximately $1.4 million, including taxes and interest for the period of January 2012 to September 2017 (the \"Tax Arrears\").\n\n\n \nUnder the terms of the Agreement, Noble is required to pay the Tax Arrears and accruing mining land taxes in 10 installments, with the first payment having been made. The final payment will be due in September 2019, and upon Noble having made that payment it will have paid Tax Arrears plus all current mining land taxes through to that date. Pursuant to the Agreement, Noble will also execute surrender documents (the \"Surrender Documents\") for the Lands that will be held in escrow by the MNDM until all required payments have been made. If Noble defaults under the Agreement, the MNDM has the option of demanding full payment of all then outstanding taxes and interest, or terminating Noble's ownership of the Lands after the expiration of a specified notice period.\n\n\n \nUnder the Agreement, Noble is entitled to enter into option, joint venture or similar agreements (the \"Option Agreements\") with respect to portions of the Lands (the \"Optioned Lands\") provided that the rights of third-parties under those Option Agreements are subordinated to the rights of the MNDM under the Agreement. In addition, Noble has a discretionary right to accelerate payment of Tax Arrears attributable to all or any Optioned Lands and, upon such payment, the MNDM will return the Surrender Documents associated with those Optioned Lands and confirm that all taxes due have been paid, after which the Optioned Lands will no longer be included as Lan...