Underwriter Mackie Research raises funds for Elk Creek niobium project
By Devika Patel
Knoxville, Tenn., Feb. 13 – NioCorp Developments Ltd. said it increased its private placement of special warrants to C$1.9 million from C$1 million. The deal priced with a 15% greenshoe on Wednesday and is being conducted on a bought-deal basis by underwriter Mackie Research Capital Corp.
The company will now sell 2,534,000 special warrants at C$0.75 each. Each special warrant is exchangeable into a unit of one common share and one warrant. The warrant will be exercisable at C$1.00 for two years. The strike price is a 14.94% premium to the closing share price of C$0.87 on Feb. 10.
Settlement is expected on Feb. 23.
Proceeds will be used for development of the Elk Creek niobium project and for general working capital.
The Vancouver, B.C., company explores for niobium and rare earth elements.
| Issuer: | NioCorp Developments Ltd.
|
| Issue: | Special warrants exchangeable for units of one common share and one warrant
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| Amount: | C$1,900,500
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| Greenshoe: | 15%
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| Special warrants: | 2,534,000
|
| Price: | C$0.75
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| Greenshoe: | 15%
|
| Price: | C$0.75
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| Warrants: | One warrant per unit upon exchange
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| Underwriter: | Mackie Research Capital Corp.
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| Pricing date: | Feb. 11
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| Upsized: | Feb. 13
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| Settlement date: | Feb. 23
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| Stock symbol: | TSX Venture: NB
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| Stock price: | C$0.87 at close Feb. 10
|
| Market capitalization: | C$85.34 million
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