NioBay Metals Inc. (TSX-V: NBY) is pleased to announce the closing of the previously announced brokered private placement for total gross proceeds of $11,593,098. Pursuant to the Offering, the Company issued 10,094,910 units, at a price of $0.65 per Unit and 7,399,127 flow-through common shares, at a price of $0.68 per FT Share. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole Warrant will entitle its holder to subscribe one additional Common Share at $0.90 until December 8, 2023.

The Offering was conducted by a syndicate of agents led by Canaccord Genuity Corp. and including Sprott Capital Partners LP. In connection with the Offering, the Agents received an aggregate cash commission of $452,763 and an aggregate of 672,653 broker warrants, each such broker warrant allowing its holder to subscribe one Unit, at $0.65 per Unit, for a period of 24 months from the closing date.

All securities issued pursuant to the Offering are subject to a restricted hold period of four months and a day, ending on April 9, 2021, under applicable Canadian securities legislation.

The Company intends to use the net proceeds of the Offering to incur exploration expenditures on the James Bay Niobium Project located in the James Bay Lowlands in the Ontario, as well as general working capital.

Claude Dufresne, President and CEO of NioBay, commented:

“We are pleased by the support that we received from the investment community, it is a clear statement of trust towards the James Bay Niobium Project . We will now continue the development of the James Bay Niobium Project, starting with a 12,000 meter drill program on the property. 2021 will definitely be a very exciting year for NioBay shareholders.”

The Offering was made under the prospectus exemptions under applicable securities legislation and is subject to the final approval of the TSX Venture Exchange.

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 47% direct participation in mineral titles situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with SOQUEM.