NioBay Metals Provides an Update on the Drill Program and Closing of a Financing
January 23 2020 - 8:00AM
NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is
pleased to provide an update on the upcoming drill program at its
James Bay Niobium Project (the “Project”), in addition to announce
the closing of a financing.
EXPLORATION PROGRAMFollowing
the signature of a Protection Agreement with Moose Cree First
Nation (NioBay press release dated December 24th, 2019), NioBay is
pleased to announce that major contracts have been awarded and that
the drilling campaign (the “Program”) will began on the first week
of February 2020.
The Program consists of seven drillholes
(approximately 3,400 meters) and i) will test a high-grade zone
laterally and at depth, ii) will provide material for metallurgical
testing, and iii) will gather geotechnical information. The Program
will last approximately six weeks, and assays results will be
published as they become available.
An updated resource estimate of the Project’s
niobium deposit will follow, and subsequently, NioBay will begin a
Preliminary Economic Assessment (“PEA”).
FINANCINGNioBay is pleased to
announce the closing of a non-brokered private placement (the
“Offering”) pursuant to which the Company has issued 328,571 units
(the “Units”) at a price of $0.35 per Unit for proceeds of
$115,000, each Unit being comprised of one (1) share and one half
(1/2) share purchase warrant, each full warrant entitling its
holder to subscribe for one (1) share at a price of $0.45 per
share during a 24-month period.
The Units will be subject to resale restrictions
for a period of four months and one day from the closing date of
the Offering under applicable securities legislation. Following
completion of the Offering, the Company has 52,254,580 common
shares issued and outstanding.
The Offering was made under the prospectus
exemptions of applicable securities legislation and is subject to
the final consent of the TSX Venture Exchange.
APPOINTMENT OF CORPORATE
SECRETARYThe Company is pleased to announce the
appointment of Mr. Marc Pothier as corporate secretary of the
Company following the resignation of Ms. Carole Plante. Mr. Pothier
received a law degree in 1988 from the University of Montréal and
is a member of the Québec Bar. He has over 20 years of experience
in the mining sector acting mainly as legal counsel for various
publicly traded companies with mining activities in many
jurisdictions. Mr. Pothier currently acts as general counsel and
corporate secretary of Harfang Exploration Inc. listed on the
TSX-V.
GRANTING OF STOCK OPTIONSIn
light of the recent personnel additions, the Board of Directors
approved the grant of stock options to an officer and key
consultant to purchase up to an aggregate of 100,000 common
shares in the capital stock of the Company. One third of the stock
options granted will vest immediately and the remaining stock
options granted are subject to a two year vesting period. All
grants have a five-year term at an exercise price of $0.40. The
stock options have been granted pursuant to the Company’s Stock
Option Plan.
QUALIFIED PERSONThis press
release was verified and approved by Claude Dufresne,
P. Eng, and Qualified Person as defined by National
Instrument 43-101. Mr. Dufresne is the
President and CEO of NioBay.
ABOUT NIOBAY METALS INC.NioBay
Metals Inc. is a mining exploration company holding a 100% interest
in the James Bay Niobium Project located 45 km south of Moosonee,
in the James Bay Lowlands in Ontario. NioBay also holds a 72.5%
interest in the Crevier niobium and tantalum project located in
Quebec and a 49% direct participation in mineral titles situated in
the Chibougamau and Normetal region, Quebec, under a joint venture
agreement with SOQUEM.
CAUTIONARY STATEMENTCertain
statements contained in this press release constitute
forward-looking information under the provisions of Canadian
securities laws including statements about the Company’s plans to
commence the exploration program in early 2020 and to complete a
PEA. Such statements are necessarily based upon a number of
beliefs, assumptions, and opinions of management on the date the
statements are made and are subject to numerous risks and
uncertainties that could cause actual results and future events to
differ materially from those anticipated or projected. The
Company undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors should change, except as required by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture
Exchange) accept responsibility for the adequacy or
accuracy of this release.
FOR MORE INFORMATION,
CONTACT:Claude
Dufresne, P.Eng.President
& CEONioBay Metals Inc.Tel.: 514 866-6500, Ext.
2221 Email:
cdufresne@niobaymetals.comWebsite: www.niobaymetals.com
Niobay Metals (TSXV:NBY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Niobay Metals (TSXV:NBY)
Historical Stock Chart
From Apr 2023 to Apr 2024