NioCorp Developments Ltd. (TSX:NB, OTCQX:NIOBF) has said it intends to offer a non-brokered private placement of up to 4,519,481 shares at C$0.96 each to raise gross proceeds of up to approximately C$4.35 million.
The company said there is no minimum offering amount and that the pricing was set at a C$0.01 premium to the 5-day Volume Weighted Average Price of NioCorp shares based on the close of trading on June 10, 2022.
Each unit will consist of one common share and one common share purchase warrant with each warrant entitling the holder to acquire shares at a price of C$1.10 within two years after completion of the offering.
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The private placement is expected to close on or before Monday, June 27, 2022.
Proceeds of the private placement will be used for the continued advancement of the company's Elk Creek Critical Minerals Project and for working capital and general corporate purposes.
The company said it may pay finder's fees or commissions on a portion of the private placement in respect of subscriptions originated outside the US. All of the securities sold pursuant to the offering will be subject to a four-month hold period, which will expire four months and one day from the date of closing.
NioCorp is focused on developing a superalloy materials project in southeast Nebraska that will produce niobium, scandium, and titanium.
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