Noble Mineral Exploration (TSE:NOB) has released an update.
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Noble Mineral Exploration and Canada Nickel have entered into a Binding Letter of Intent to create a private company, ‘ExploreCo’, which consolidates their mining interests in Mann Township east of Timmins, Ontario. They plan to spin out specific properties into ExploreCo, with an initial $5 million funding from Canada Nickel, after which the company will be owned 80% by Canada Nickel and 20% by Noble. The agreement includes the transfer of various mining claims and surface rights to bolster their joint venture for future public listing.
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