Business
Noble Provides Update on Crawford Nickel Spin-Out and Effective Date for Distribution of Canada Nickel Shares to Its Shareholders
Toronto, Ontario - TheNewswire - February 19, 2020 - Noble Mineral Exploration Inc. ("Noble" or the "Company") (TSXV:NOB) (FRANKFURT:NB7) (OTC:NLPXF) announced
About this update from Noble Mineral Exploration Inc.
[{"type":"text","content":"Toronto, Ontario - TheNewswire - February 19, 2020 - Noble Mineral Exploration Inc. (\"Noble\" or the \"Company\") (TSXV:NOB) (FRANKFURT:NB7) (OTC:NLPXF) announced that it has signed a termination agreement (the \"Termination Agreement\") with Spruce Ridge Resources Ltd. (TSXV: SHL) (\"Spruce Ridge\") and Canada Nickel Company Inc. (\"Canada Nickel\") whereby Noble's option and joint venture agreement dated May 4, 2018 (the \"JV Agreement\") with Spruce Ridge is being terminated. The execution of the Termination Agreement was completed pursuant to an implementation agreement (the \"Implementation Agreement\") dated as of November 14, 2019 that was previously announced by Noble in its news release of November 28, 2019. By executing the Termination Agreement and satisfying the completion conditions thereunder, Noble, Spruce Ridge and Canada Nickel will have satisfied the last of the preconditions under the Implementation Agreement for Noble's planned distribution of 10,000,000 Canada Nickel shares to Noble's shareholders. The principal terms of the Termination Agreement are as follows: Noble is issuing to Spruce Ridge 10,000,000 common share units of Noble (each unit comprised of one common share and one half common share purchase warrant, with each full warrant being exercisable at $0.15 per share for three years), and a $1 million promissory note that is repayable following completion of the arrangement (the \"Arrangement\") between Noble and Canada Nickel described in the Implementation Agreement (for details regarding the Arrangement, please refer to Noble's news release issued on December 30, 2019); Noble is receiving 2,000,000 common shares of Spruce Ridge for a deemed aggregate value of $130,000; Canada Nickel is issuing 20,000,000 common shares of Canada Nickel to Spruce for a deemed aggregate value of $5,000,000; and Noble is transferring to Spruce Ridge 907ha of VMS properties in Crawford Township, Ontario, subject to Noble retaining a 25% buy-back interest, and to the right of Spruce Ridge to substitute other VMS properties in Crawford Township, Ontario of the same size. The Termination Agreement was entered into after Noble was granted conditional approval by the TSX Venture Exchange, and remains subject to final approval of the Exchange. Canada Nickel Listing Noble has been advised that Canada Nickel Company Inc. has ...