Nobel Resources Closes the First Tranche of Its Brokered Offering of Units
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TORONTO, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Nobel Resources Corp. (“Nobel” or the “Company”) (TSX VENTURE: NBLC) is pleased to announce that, further to its press release dated September 1, 2021 (the “Initial Press Release”), it has completed the first tranche (the “First Tranche”) of its brokered private placement of units (the “Units”) (the “Offering”). Pursuant to the First Tranche, Nobel has issued an aggregate of 3,333,332 Units at an issue price of $0.45 per Unit (the “Offering Price”) for gross proceeds of $1,500,000. The Offering is led by Clarus Securities Inc., together with iA Private Wealth Inc. and Research Capital Corporation (collectively, the “Agents”).
Each Unit is comprised of one common share in the capital of the Company (“Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.60 for 36 months following the completion of the Private Placement (the “Closing Date”). The Warrants were issued pursuant to, and the exercise of the Warrants will be governed by, the provisions of a warrant indenture (the “Warrant Indenture”) dated September 20, 2021, entered into between the Company and Computershare Trust Company of Canada, as warrant agent. A copy of the Warrant Indenture is available under the Company's issuer profile on SEDAR at www.sedar.com.
The Company will no longer complete the non-brokered offering described in the Initial Press Release. Instead, Nobel has increased the total size of the Offering to $5 million. The Company intends to close the final tranche (the “Subsequent Tranche”) of the Offering on or about September 23, 2021 for additional gross proceeds of $3.5 million.
In connection with the First Tranche, the Agents were paid a cash commission of $89,999.96, being equal to 6.0% of the gross proceeds raised under the First Tranche and 199,999 broker warrants (“Broker Warrants”) of the Company which is equal to 6.0% of the number of Units sold to subscribers in the First Tranche. Each Broker Warrant shall be exercisable to purchase one Common Share of the Company at an exercise price equal to the Offering Price at any time for a period of 36 months following the Closing Date. The completion of the First Tranche and the Subsequent Tranche are subject to final approval of the TSXV.