Deal selling 20 million common shares at C$0.10 each, a 37.5% discount
By Devika Patel
Knoxville, Tenn., April 19 - Noble Mineral Exploration Inc. said it raised C$750,000 in the first tranche of a C$2 million private placement of stock. The deal is being conducted by agent IBK Capital Corp. and priced April 16.
The company is selling 20 million common shares at C$0.10 per share on a best-efforts basis. The price per share is a 37.5% discount to C$0.16, the April 13 closing share price.
Noble sold 7.5 million shares in the initial tranche.
Proceeds will be used as working capital and to mobilize a drill program on the Lucas gold target.
Based in Toronto, the company explores for vanadium, nickel, copper, chromium, gold and uranium.
| Issuer: | Noble Mineral Exploration Inc.
|
| Issue: | Common stock
|
| Amount: | C$2 million
|
| Shares: | 20 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | IBK Capital Corp.
|
| Pricing date: | April 16
|
| Settlement date: | April 19 (for C$750,000)
|
| Stock symbol: | TSX Venture: NOB
|
| Stock price: | C$0.16 at close April 13
|
| Market capitalization: | C$10.91 million
|
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