NioCorp Developments Ltd. (TSX-V:NB) (OTCQX:NIOBF) (FRANKFURT:BR3) is pleased to announce the final closing of its non-brokered private placement. The Final Tranche closing consisted of the issuance of a total of 5,856,608 common shares at a price of $0.20 per common share to 15 placees, for gross proceeds of $1,171,321. Together with the first tranche closing, the Company issued a total of 18,860,668 shares, for gross proceeds of $3,772,133.
Insider Group participation in the Final Tranche included three subscribers for a total of 3,432,483 common shares, including Mark A. Smith, CEO, who subscribed for a total of 2,882,483 shares, increasing his share holdings to a total of 9.46% of the issued and outstanding shares of the Company. Also participating were Casey Forward, CFO, for 300,000 shares, and Peter Dickie, President, for 250,000 shares. In connection with the closing of the Final Tranche, the Company will pay finder’s fees totalling $11,550.
All securities issued under the Final Tranche are subject to a hold period expiring, July 20, 2014, being four months and one day from the date of issuance. The proceeds of the Private Placement will be used to conduct additional resource definition and technical studies to further develop the Company’s Elk Creek Niobium project and for general working capital.
Together with the funds raised in late 2013, the company has now raised in excess of $5.5 million, providing adequate capital to allow for implementation of the Company’s development plans at Elk Creek. A further news release will be issued in the coming days detailing various aspects of the planned work programs.
“We are very pleased to have raised this capital in otherwise difficult market conditions. This funding will allow for a dramatic increase in the technical work necessary to advance the Elk Creek niobium deposit,” said Mark Smith, CEO. “We look forward to announcing the results of ongoing corporate planning, including scheduled work programs and start dates in the near future.”
About the Company:
NioCorp are developing the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, located near Elk Creek, Nebraska. The Company has published an NI 43-101 resource of 19.3 Million tonnes grading 0.67% Indicated, containing over 129,182 tonnes of Nb2O5, and 83.3 Mt grading 0.63% Inferred, containing over 523,844 tonnes of Nb2O5). Niobium is mainly used in the form of Ferro-Niobium to produce HSLA (High Strength, Low Alloy) steel, to produce lighter, stronger steel for use in automotive, structural and pipeline industries. The U.S. imports 100% of its niobium needs.
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