CENTENNIAL, Colo., May 11, 2021 /PRNewswire/ -- NioCorp Developments
Ltd. ("NioCorp" or the
"Company") (TSX:NB)
(OTCQX:NIOBF) is pleased to announce that it has
closed its previously announced non-brokered private placement (the
"Private Placement") of units (the "Units") of the
Company. A total up-sized offering of 4,334,157 Units were issued
at a price per Unit of C$1.43, for
total gross proceeds to the Company of approximately C$6.2 million.
The pricing of the Units was set at a premium to the five-day
Volume Weighted Average Price ("VWAP") of NioCorp common shares
just prior to the launch of the offering.
Each Unit consists of one common share of NioCorp (a "Common
Share") and one common share purchase warrant (a "Warrant").
Each Warrant will entitle the holder to acquire one Common
Share at a price of C$1.63 until
May 10, 2023.
Proceeds of the private placement will be used for continued
advancement of the Company's Elk Creek Superalloy Materials
Project, including ongoing detailed engineering efforts, conducting
technical assessments of potentially adding rare earth products to
the planned product offering, and for working capital and general
corporate purposes.
Participants in the private placement included Lind Global Asset
Management III, LLC, an investment entity managed by The Lind
Partners, a New York-based
institutional fund manager, which invested approximately
C$1 million in the private
placement.
The Company paid cash commissions of C$111,484.23 and 77,961 broker warrants to a
broker outside of the United States. The cash commission and
broker warrants were each equivalent to three (3) percent of the
Units raised by the broker. Each Broker Warrant entitles the holder
thereof to purchase one Common Share at a price of at a price of
C$1.63 until May 10, 2023.
All of the securities sold pursuant to the offering are subject
to a four-month hold period, which will expire on September 11, 2021.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy 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 United States Securities Act of 1933, as
amended (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.
For More Information:
Contact Jim Sims, VP of External
Affairs, NioCorp Developments Ltd., 720-639-4650,
jim.sims@niocorp.com
@NioCorp $NB.TO $NIOBF $BR3 #Niobium #Scandium #ElkCreek
About NioCorp
NioCorp is developing a superalloy materials project in
Southeast Nebraska with an aim to
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
Neither TSX nor its Regulation Services Provider (as that term
is defined in the policies of the TSX) accepts responsibility for
the adequacy or accuracy of this document. Certain statements
contained in this document may constitute forward-looking
statements, including but not limited to statements related to the
anticipated use of proceeds from the private placement. Such
forward-looking statements are based upon NioCorp's reasonable
expectations and business plan at the date hereof, which are
subject to change depending on economic, political and competitive
circumstances and contingencies. 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 NioCorp's ability to operate as a going concern;
risks related to NioCorp's requirement of significant additional
capital; changes in demand for and price of commodities (such as
fuel and electricity) and currencies; 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; the risks involved
in the exploration, development and mining business, and the risks
set forth in the Company's filings with 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.
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SOURCE NioCorp Developments Ltd.
