Noble Mineral closes transactions with Canada Nickel
2025-02-24 18:25 ET – News Release
Mr. H. Vance White reports
NOBLE AND CANADA NICKEL CLOSE TRANSACTIONS UNDER IMPLEMENTATION AGREEMENT
Noble Mineral Exploration Inc. has closed the transactions under the implementation agreement with Canada Nickel Company Inc. that were previously announced in the news releases of the company dated July 8, 2024, and Jan. 7, 2025.
Noble has received final acceptance from the TSX Venture Exchange for the transactions under the agreement. However, the closing of the transactions remains subject to Canada Nickel obtaining final acceptance from the TSX-V.
Among other things accomplished in the transactions, Noble and Canada Nickel have spun out certain mining claims in and around Mann township, Ontario, into East Timmins Nickel Ltd. (ETN), a newly incorporated subsidiary of Canada Nickel, to consolidate their interests in bulk-tonnage nickel projects northeast of Timmins, Ont. Noble owns a 20-per-cent interest in ETN, with Canada Nickel owning the balance. Certain of the exploration results were released by CNC on the Mann properties (for details, please see Canada Nickel’s news release dated Dec. 11, 2024). In addition to the consolidation of properties in ETN, as part of the transactions, Noble transferred its Project 81 interests to Canada Nickel, retaining the right to explore for gold, silver, copper, lead and zinc. Noble retains an up to 2-per-cent royalty on all properties it transferred pursuant to the transactions, except to the extent those properties are already bound by other royalties. Canada Nickel likewise retained a 2-per-cent royalty in the properties it transferred to ETN, except to the extent those properties were likewise already bound by other royalties. Furthermore, Noble transferred to Canada Nickel the option it previously held to acquire approximately 5,000 acres of surface lands in Project 81 at predetermined prices.
As stated previously and commenting on the transaction, Vance White, chief executive officer of Noble, said: “We felt that consolidating the eastern properties into a separate exploration company would maximize the value of the Mann township properties without incurring significant upfront dilution to Noble and at the same time gain exposure to additional identified nickel sulphide targets in the Timmins camp, in which Noble currently has no interest. ETN will control approximately 1,814 mining claims totalling over approximately 38,729 hectares and will include Reaume, Mann and Newmarket townships as well as McCool, Moody, Galna and other properties currently held by Canada Nickel. Noble will vend its interest in Project 81, together with the right to acquire surface rights over Project 81. For properties transferred from Noble to Canada Nickel, Noble will retain a five-year exploration right to any non-nickel exploration target therein. This five-year exploration right will be subject to an annual exploration right thereafter upon both parties’ consent. Noble intends to use its best efforts so that, upon ETN going public, a portion of Noble’s holdings in ETN will be distributed to Noble shareholders in order that they may have a direct benefit as ETN advances all underlying properties to the development stage, although that is a future event and we cannot provide any assurances that this will be done. We anticipate that resource estimates will be available on at least two of the projects in Q2 2025.”
About Noble Mineral Exploration Inc.
Noble Mineral Exploration is a Canadian-based junior exploration company that, in addition to its holdings of securities in Canada Nickel Company, Homeland Nickel Inc., East Timmins Nickel and its interest in the Holdsworth gold exploration property in the area of Wawa, Ont., will continue to hold approximately 2,215 hectares in Thomas township in the Timmins area and approximately 175 hectares of mining claims in central Newfoundland. It will also hold its approximately 4,845 hectares in the Nagagami carbonatite complex and its approximately 4,600 hectares in the Boulder project, both near Hearst, Ont.; as well as approximately 3,700 hectares in the Buckingham graphite property, approximately 10,152 hectares in the Havre St. Pierre nickel/copper/platinum group metal property, approximately 482 hectares in the Cere-Villebon nickel/copper/platinum group metal property, all of which are in the province of Quebec; approximately 569 hectares in the Chateau (uranium, rare earth, phosphorus and silver) property in Kitivik, Northern Quebec; and the approximately 461-hectare Taser uranium-molybdenum property in Northern Quebec. Noble’s common shares trade on the TSX-V under the symbol NOB.
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