Noble Mineral adopts supplement equity incentive plan

Oct 23, 2017

2017-10-20 20:41 ET – News Release

Mr. H. Vance White reports

NOBLE ADOPTS SUPPLEMENTAL EQUITY INCENTIVE PLAN, PROVISIONALLY GRANTS RSUS AND GRANTS STOCK OPTIONS

Noble Mineral Exploration Inc.’s board of directors has approved the adoption of a supplement equity incentive plan. Noble currently has in place an amended and restated stock option plan as a rolling 10-per-cent option plan. The maximum number of common shares that can be reserved for issuance upon the exercise of stock options granted under the option plan is 10 per cent of Noble’s issued and outstanding common shares at that time. Having determined that it would be beneficial for Noble to also be able to issue other forms of equity-based incentive compensation, in addition to stock options, Noble applied to the TSX Venture Exchange approval for approval of the supplemental EIP.

With the TSX Venture Exchange having granted conditional approval of the supplemental EIP, the board of directors approved that plan and reserved 6,127,000 common shares as the maximum number of common shares that may be issued under the supplemental EIP. Shareholders should note that the number of shares reserved for options under the option plan and the number of shares reserved for other forms of equity-based incentive compensation under the supplemental EIP cannot exceed 10 per cent of Noble’s issued and outstanding common shares. Noble plans to submit the supplemental EIP for approval of its shareholders at its next shareholder meeting.

Noble also reports that its board of directors approved the following grants of equity incentive compensation:

1.7 million stock options under the option plan, all exercisable at 12.5 cents per common share, 400,000 of which were granted to the corporation through which the company’s chief financial officer provides his services to Noble and 200,000 of which were granted to an individual who provides investor relations services to the company;
3.8 million restricted share units provisionally issued under the supplemental EIP, all to directors or officers of Noble or to the entities through which directors or officers provide their services to Noble.

All stock options granted vested upon grant, except the 200,000 options granted to Noble’s investor relations provider, which vest 25 per cent per quarter. Those stock options were granted on Oct. 20, 2017, and on Oct. 19, 2017 (the day before the grant), and the common shares of Noble closed at 12 cents on the TSX Venture Exchange. The restricted share units are provisionally granted until shareholder approval has been obtained for the supplemental EIP. Assuming shareholder approval is granted, the restricted share units will vest as to one-third one month after shareholder approval of the supplemental EIP, a second one-third six months thereafter and the final one-third on the 13th month after the shareholder approval. As restricted share units vest, Noble will have the option of issuing to the unitholders an amount of common shares equal to the number of vested units, a cash payment equal to the market value of those shares, or some combination of cash and shares.

About Noble Mineral Exploration Inc.

Noble Mineral Exploration is a Canadian-based junior exploration company, which, apart from its shareholdings in MacDonald Mines Exploration Ltd. and its interest in the Holdsworth gold exploration property in the area of Wawa, Ont., holds in excess of 70,641 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold and base metal exploration targets at various stages of exploration.

We seek Safe Harbor.

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