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Noble Mines Announces Closing of Sale of Holdsworth; Noble Provides Early Warning Report Disclosure
(via TheNewswire) Toronto, Ontario / TheNewswire / June 12, 2017 - Noble Mineral Explo...
About this update from Noble Mineral Exploration Inc.
[{"type":"text","content":"Noble Mines Announces Closing of Sale of Holdsworth; Noble Provides Early Warning Report Disclosure(via TheNewswire)\n\n \nToronto, Ontario / TheNewswire / June 12, 2017 - Noble Mineral Exploration Inc. (\"Noble\" or the \"Company\") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) Exploration Ltd. (\"MacDonald\") (TSX-V: BMK) is pleased to announce the completion of MacDonald's purchase (the \"Transaction\") of all of Noble's interest in the Holdsworth property (the \"Property\"). The Property, which is located 25 kilometres northeast of Wawa, Ontario (as announced in a news release dated May 4, 2017), has been explored by MacDonald since late 2016 under an Option and Joint Venture Agreement between Noble and MacDonald (as announced in a news release issued December 8, 2016) (the \"Option and JV Agreement\").\n\n \n \nUnder the Purchase and Sale Agreement entered into by the parties for the Transaction (the \"PSA\"), MacDonald agreed to issue to Noble 5,500,000 MacDonald common share units, each unit consisting of one Class A common share of MacDonald (the \"MacDonald Shares\") and one non-transferable warrant Class A common share purchase warrant of MacDonald exercisable at $0.30 per MacDonald Shares for a period of three years from the date of issuance (the \"MacDonald Warrants\"). All MacDonald Shares and MacDonald Warrants so issued will be issued privately. In exchange, MacDonald acquired a 100% interest in the Property, with Noble retaining the right to receive gold payments equal to 10% of production from the oxide sand zone on the Property, up to a maximum of 5,000 ounces of gold, as well as a 1.5% net smelter return royalty on the Property and on any other properties acquired within a 2-mile radius of the Property. MacDonald will have the right to re-purchase one half of the NSR (0.075%) for $500,000 at any time. (Please see the news releases of May 4, 2017 for further details.)\n\n \n \nAs announced on December 8, 2016, Noble previously acquired 2,500,000 MacDonald Shares, and warrants exercisable for a further 2,500,000 MacDonald Shares under the Option and JV Agreement. As a result, before the closing of the Transaction, Noble held 4.16% of MacDonald's outstanding Class A Common Shares (or 7.99% if Noble exercised the previously held warrants).\n\n\n \nIn connection with the closing of the Transaction, Noble has initially r...