Yeah, Noel can sign with anyone since he: (a) went through the draft once, (b) was under the age of 20 at that time, and (c) played his full prior season in North America. His ELC would just need to be registered with the league before the Major Juniors season. If he garners a training camp try-out, he'll get an extension to sign with that NHL team through September 15.
His situtation is unlike Tkachev, who couldn't sign as an undrafted last year with Edmonton because he had split his 2013-14 season between Russia and Moncton, hence his ELC was invalid. Noel spent his 2014-15 season fully in Saint John and is free to sign under those conditions as an UDFA.