NioCorp Developments Ltd. (TSX: NB) (OTCQX: NIOBF) (FSE: BR3) is pleased to announce the close of the second and final tranche of its non-brokered private placement announced August 29, 2018. Aggregate gross proceeds for the Offering (including both the first and the final tranche) totaled approximately C$3.13 million. Pursuant to the Offering the Company issued an aggregate total of 4,975,158 units of the Company at a price of C$0.63 per Unit. Each Unit was comprised of one Common Share of the Company and one half of one Common Share purchase warrant. Each full Warrant entitles the holder to acquire a Common Share of the Company at a price of C$0.75 until September 28, 2020.
NioCorp closed the first tranche of the Offering on September 14, 2018, consisting of the issuance of 2,917,587 Units, at a price of C$0.63 per Unit, for gross proceeds of C$1,838,080. The Second Tranche Closing consisted of the issuance of 2,057,571 Units at a price of C$0.63 per Unit, for gross proceeds of C$1,296,270.
Net proceeds from the Offering will be used by the Company for continued development of NioCorp’s Elk Creek Superalloy Materials Project and for general corporate purposes. The Company paid cash commissions of C$17,766 in connection with the Offering to brokers outside of the United States. All securities issued pursuant to the Offering are subject to a hold period under Canadian law expiring four months and one day from the closing of each respective tranche and are subject to resale restrictions under United States securities laws.
“NioCorp extends a warm welcome to our new investors and to the many existing investors who expanded their position through this offering,” said Mark A. Smith, Executive Chairman and CEO of NioCorp.
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.
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 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.
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