Jun 05, 2014 (ACCESSWIRE via COMTEX) -- Toronto, ON / ACCESSWIRE / June 5, 2014 / Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") CA:NOB -12.50% (otc.pk:NLPXF) is pleased to announce that it has signed a non-binding Letter of Intent whereby its wholly owned subsidiary ("Noble Subsidiary"), would acquire a 50% interest in Canna-Saver.LLC ("Canna-Saver"), with a right to acquire the remaining 50% interest upon completion of certain conditions. It is Noble's intention that the subsidiary would become a separate public company with a listing on a Canadian and US stock exchange or market place, and Noble would distribute to its existing shareholders a unit of Noble Subsidiary that would be comprised of one share and 1/4 of a warrant, with each full warrant being exercisable at $0.20 into a share of Noble Subsidiary. These units would be distributed pro rata to the shareholders of Noble at a ration that, based on Noble's current capitalization, is expected to give rise to approximately 1 unit of the Noble Subsidiary distributed for every 6 shares of Noble currently outstanding.
Canna-Saver.com was the first website in the world to focus solely on cannabis coupons and deals catered to the marijuana demographic that has emerged as a result of marijuana decriminalization and legalization in certain parts of the US and the world. In less than a year, Canna-Saver has exceeded all industry expectations to become one of the most recognized brands in the Cannabis industry. The Canna-Saver trademarked logo has grown to represent the industry standard for marijuana coupons and deals. The company is based in Denver, Colorado, and recently won a Cannabis Industry business award for invention of the year. Canna-Saver has been hailed as the "Groupon of Marijuana" on CNN's Outfront with Erin Burnett, highlighted on Fox News, and in High Times Magazine. The founder of the company, Brian Shapiro has been called the Coupon Don and named the inventor of the marijuana coupon. The company now intends to expand into the California and Washington State markets and will be actively seeking additional acquisitions in this space.
Canna-Saver also has an Agreement with Tommy Chong, a well known comedian, movie star, and long time advocate for marijuana use. The agreement calls for Tommy Chong to act as the key spokesperson for the Canna-Saver.com web platform and to perform other duties to increase brand awareness for Canna- Saver.
Regarding the transaction, Mr. Vance White, President of Noble, stated: "We are extremely pleased with this new business relationship as it will provide Noble Mineral Exploration Inc.'s existing shareholders, through the unit distribution, an opportunity to participate in a new industry with what we believe will have very strong growth potential."
Regarding the transaction, Mr Brian Shapiro Founder and CEO of Canna-Saver stated: "We are very excited to form this new business relationship which we feel will be instrumental in our efforts to expand our platform and services into other markets, as well as to acquire synergistic acquisitions in the marijuana industry. We believe that we're at the beginning stage of an explosive market, with tremendous growth potential--especially as more and more states in the US become involved."
Following the execution of its Letter of Intent with Canna-Saver, Noble will now work to complete its due diligence of Canna-Saver, to negotiate and enter into definitive agreements for the transactions outlined in
the Letter of Intent, to otherwise to embark upon the steps outlined in the Letter of Intent and to obtain all regulatory and stock exchange approvals. For the time being, the Letter of Intent remains non-binding.
Noble Minerals will continue to focus its attention on the vast mineral potential of its Project 81 - Block A land holdings in the Timmins-Cochrane district and its Holdsworth Gold Oxide Sand project in the Wawa district. Both projects are located in Northern Ontario, and Noble will continue to work to advance the exploration of this property though initiatives that Noble hopes will include joint venture arrangements with senior exploration and mining partners.
About Noble Mineral Exploration Inc.
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of mineral rights in the Timmins Cochrane areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan.
More detailed information is available on the website at www.noblemineralexploration.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward- looking statements, whether as a result of new information, future events or otherwise.