NioCorp Closes First Tranche of Non-Brokered Private Placement for Gross Proceeds of C$2,702,560
February 15 2017 - 5:59AM
NioCorp Developments Ltd. (“
NioCorp” or the
“
Company”)
(TSX:NB)
(OTCQX:NIOBF) (FSE:BR3) announces
the first tranche closing (the "First Tranche Closing") of its
non-brokered private placement announced January 27, 2017 and
February 10, 2017. The First Tranche Closing consisted of the
issuance of 3,860,800 units (each a “Unit”) at a price of C$0.70
per Unit, for gross proceeds of C$2,702,560.
Each Unit consists of one common share of the
Company (a "Common Share") and one transferable Common Share
purchase warrant (each whole such warrant a "Warrant"), with each
Warrant entitling the holder thereof to acquire one additional
Common Share at a price of C$0.85 until February 14, 2020.
John F. Ashburn, Jr., the Company’s Vice
President, General Counsel, and Corporate Secretary, subscribed for
112,226 Units under the First Tranche Closing. The subscription by
Mr. Ashburn constitutes a related-party transaction under
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). Because the value of
Mr. Ashburn’s subscription is less than 25% of NioCorp's market
capitalization, it is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101. The material change
report in relation to Mr. Ashburn’s subscription will be filed
fewer than 21 days before the closing date as the Company wished to
complete the First Tranche Closing as soon as commercially
practical after all required approvals were obtained.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of any of the securities in any jurisdiction in which such
an offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. These securities have not been registered under the
United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any applicable state securities laws, and may
not be offered or sold in the United States, or to, or for the
account or benefit of, a U.S. person or person in the United States
absent such registration or an applicable exemption from such
registration requirements. United States and U.S. person are as
defined in Regulation S under the U.S. Securities Act.
On Behalf of the Board of Directors,
"Mark Smith”
Mark Smith Executive Chairman, CEO, and
Director
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.
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.
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