Noble Mineral arranges $625,000 interest-free loan

Jun 26, 2020

2020-06-26 08:19 ET – News Release

Mr. H. Vance White reports


Noble Mineral Exploration Inc. has obtained a $625,000 interest-free unsecured loan from a third party lender. The proceeds of the loan will be applied to repay Noble’s indebtedness to Spruce Ridge Resources Ltd. under the interest-free promissory note issued to the creditor in connection with the completion of the ownership consolidation and spinout of the Crawford nickel project earlier this year. After applying the loan proceeds in this manner, the total outstanding due to the creditor will be reduced to $125,000.

The loan from the lender has a maturity date of June 25, 2021, and will be interest-free until maturity, unless Noble fails to make a payment due. Under the loan, Noble has agreed that if it sells any lender securities that it owns, a minimum of 50 per cent of the proceeds of that sale will be paid to lender (until the principal amount of the loan has been repaid). If Noble fails to make any payment due under the loan, interest at 12 per cent per annum will accrue (compounded monthly) retroactive to the date of the loan until all principal and interest has been repaid. Noble has the right to prepay the loan at any time.

Noble has received conditional approval of the TSX Venture Exchange to proceed with the loan, and closing of the loan is subject to final approval of the exchange, as well as any other required regulatory approvals.

About Noble Mineral Exploration Inc.

Noble Mineral Exploration is a Canada-based junior exploration company, which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ont., holds approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81.

We seek Safe Harbor.

Related Posts


Share This