CENTENNIAL, Colo., Dec. 18, 2020 /PRNewswire/ -- NioCorp
Developments Ltd. ("NioCorp" or the "Company")
(TSX: NB, OTCQX: NIOBF, FSE: BR3) announces that it has
issued a convertible note in the principal amount of approximately
US$1.872 million (the "Note")
and 500,000 common share warrants (the "Warrants" and,
together with the Note, the "Securities") to Nordmin
Engineering Ltd. ("Nordmin") pursuant to a convertible note
and warrant subscription agreement (the "Agreement") under
which Nordmin has agreed to subscribe for and purchase the
Securities for a subscription price of approximately US$1.804 million, which amount will be set
off against the amount owing to Nordmin by NioCorp for past
services.
The Note will mature one year following the closing date with an
implied interest rate of 5% per annum and, subject to certain terms
and conditions, will be convertible into common shares of the
Company at a conversion price of 92% of the five-day volume
weighted average price of NioCorp's common shares at the time of
conversion. Each Warrant is exercisable into one common share of
the Company at a price of C$0.80 per share for a period of two years.
The Note and the Warrants, including the underlying common shares,
will be subject to resale restrictions and will be "restricted
securities" within the meaning of Rule 144 under the United States
Securities Act of 1933 (the "1933 Act").
Pursuant to the terms of the Agreement, the Company issued
836,551 common shares to Nordmin upon an initial conversion of
US$450,000 in principal amount of the
Note at a conversion price of C$0.684
per share.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the Securities, nor shall there be
any sale of any of the Securities in any jurisdiction in which such
offer, solicitation, or sale would be unlawful, including any of
the securities in the United States of
America. The Securities have not been and will not be
registered under the 1933 Act or any state securities laws and may
not be offered or sold within the United
States, or to, or for account or benefit of, U.S. Persons
(as defined in Regulation S under the 1933 Act) unless registered
under the 1933 Act and applicable state securities laws, or an
exemption from such registration requirements is available.
Source: NioCorp Developments Ltd.
@NioCorp $NB $NIOBF $BR3 #Niobium #Scandium #ElkCreek
For More Information: Contact Jim Sims, VP of External Affairs, NioCorp
Developments Ltd., 720-639-4650, jim.sims@niocorp.com
About NioCorp
NioCorp is developing a superalloy materials project in
Southeast Nebraska that will
produce Niobium, Scandium, and Titanium. Niobium is used to produce
superalloys as well as High Strength, Low Alloy ("HSLA") steel,
which is a lighter, stronger steel used in automotive, structural,
and pipeline applications. Scandium is a superalloy material
that can be combined with Aluminum to make alloys with increased
strength and improved corrosion resistance. Scandium also is
a critical component of advanced solid oxide fuel cells.
Titanium is used in various superalloys and is a key component of
pigments used in paper, paint and plastics and is also used for
aerospace applications, armor and medical implants.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this document may constitute
forward-looking statements, including statements regarding the
future exercise or conversion of the Securities, the Company's
ability to secure project financing for the Elk Creek Project and
move the project to a construction start if and when financing is
secured. Readers are cautioned that such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause a change in such assumptions and the actual outcomes
and estimates to be materially different from those estimated or
anticipated future results, achievements or position expressed or
implied by those forward-looking statements. Risks, uncertainties
and other factors that could cause NioCorp's plans or prospects to
change include risks related to the Company's ability to operate as
a going concern; risks related to the Company's requirement of
significant additional capital; changes in demand for and price of
commodities (such as fuel and electricity) and currencies; changes
in economic valuations of the Project, such as Net Present Value
calculations, changes or disruptions in the securities markets;
legislative, political or economic developments; the need to obtain
permits and comply with laws and regulations and other regulatory
requirements; the possibility that actual results of work may
differ from projections/expectations or may not realize the
perceived potential of NioCorp's projects; risks of accidents,
equipment breakdowns and labor disputes or other unanticipated
difficulties or interruptions; the possibility of cost overruns or
unanticipated expenses in development programs; operating or
technical difficulties in connection with exploration, mining or
development activities; the speculative nature of mineral
exploration and development, including the risks of diminishing
quantities of grades of reserves and resources; and the risks
involved in the exploration, development and mining business and
the risks set forth in the Company's filings with Canadian
securities regulators at www.sedar.com and the SEC at www.sec.gov.
NioCorp disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/niocorp-issues-convertible-note-and-warrants-to-nordmin-engineering-in-satisfaction-of-amount-owing-for-past-services-301196284.html
SOURCE NioCorp Developments Ltd.
