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NioCorp Announces Closing of Private Placement for Gross Proceeds of US$1 Million

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NioCorp Announces Closing of Private Placement for Gross Proceeds of US$1 Million

 

 

 

 

 

NioCorp Developments Ltd. (TSX: NB) (NASDAQ: NB) is pleased to announce that it has closed a non-brokered private placement of 250,000 units of the Company at a price of USD$4.00 per unit, for aggregate gross proceeds to the Company of USD$1 million.

 

Each unit issued in the Private Placement consisted of one common share in the capital of the Company and one common share purchase warrant. Each Warrant is exercisable into one Common Share at a price of USD$4.60 per Common Share until September 1, 2025. All of the Securities issued pursuant to the Private Placement are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

Proceeds of the Private Placement will be used for continued advancement of the Company’s Elk Creek Critical Minerals Project and for working capital and general corporate purposes.

 

 
About NioCorp

NioCorp is developing a critical minerals project in Southeast Nebraska that will produce niobium, scandium, and titanium.  The Company also is evaluating the potential to produce several rare earths from the Elk Creek Project.  Niobium is used to produce specialty alloys as well as High Strength, Low Alloy steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants.  Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of Neodymium-Iron-Boron magnets, which are used across a wide variety of defense and civilian applications.

 

Posted September 2, 2023

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