Nobel Resources Closes the Final Tranche of $5M Brokered Offering of Units

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TORONTO, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Nobel Resources Corp. (“Nobel” or the “Company”) (TSX VENTURE: NBLC) is pleased to announce that, further to its press release of September 20, 2021, it has completed the final tranche (the “Final Tranche”) of its brokered private placement (the first tranche and Final Tranche collectively referred to as the “Offering”) of units (the “Units”). Pursuant to the Final Tranche, Nobel has issued an aggregate of 7,777,780 Units at an issue price of $0.45 per Unit (the “Offering Price”) for gross proceeds of $3,500,000. Pursuant to the Offering, the Company issued an aggregate of 11,111,112 Units at the Offering Price for total gross proceeds of $5,000,000. The Offering was led by Clarus Securites 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 date hereof (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 23, 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.

In connection with the Final Tranche, the Agents were paid a cash commission of $210,000, being equal to 6.0% of the gross proceeds raised under the Final Tranche and 466,666 broker warrants (“Broker Warrants”) of the Company which is equal to 6.0% of the number of Units sold to subscribers in the Final 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 Offering is subject to final approval of the TSX Venture Exchange (the “TSX-V”).