10% two-year convertible debentures sold through agent IBK Capital
By Devika Patel
Knoxville, Tenn., Aug. 24 – Noble Mineral Exploration Inc. said it will raise C$1.25 million in a private placement of 10% convertible debentures. IBK Capital Corp. is the agent.
The convertible debentures mature in two years and will be convertible into units of one common share and a warrant at C$0.075 per unit for conversions within one year and at C$0.10 per unit for conversions completed in the second through fifth years.
The five-year warrants will be exercisable at C$0.075, which is a 150% premium to the Aug. 23 closing share price of C$0.03. The debenture conversion prices are 150% and 233.33% premiums to that price.
The placement was priced under the premise that Noble will complete a one-for-five share consolidation.
Proceeds will be used primarily to discharge a portion of Noble's debts, for working capital and exploration.
Based in Toronto, the company explores for vanadium, nickel, copper, chromium, gold and uranium.
| Issuer: | Noble Mineral Exploration Inc.
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| Issue: | Convertible debentures
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| Amount: | C$1.25 million
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| Maturity: | Two years
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| Coupon: | 10%
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| Conversion price: | C$0.075 for conversions within one year, C$0.10 for conversions in the second through fifth years
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| Warrants: | One warrant per unit upon conversion
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.075
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| Agent: | IBK Capital Corp.
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| Pricing date: | Aug. 24
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| Stock symbol: | TSX Venture: NOB
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| Stock price: | C$0.03 at close Aug. 23
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| Market capitalization: | C$3.56 million
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