Underwriter Mackie Research raises funds for Elk Creek niobium project
By Devika Patel
Knoxville, Tenn., Feb. 27 – NioCorp Developments Ltd. said it completed its C$2.19 million private placement of special warrants. The deal priced for C$1 million with a 15% greenshoe on Feb. 11 and was conducted on a bought-deal basis by underwriter Mackie Research Capital Corp. The company increased the deal to C$1.9 million on Feb. 13.
The company sold 2,914,000 special warrants at C$0.75 each. Of the warrants, 380,000 were part of the fully exercised greenshoe.
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.
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.
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Issue: | Special warrants exchangeable for units of one common share and one warrant
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Amount: | C$2,185,500 (including C$285,000 greenshoe)
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Special warrants: | 2,914,000
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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. 27
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Stock symbol: | TSX Venture: NB
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Stock price: | C$0.87 at close Feb. 10
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Market capitalization: | C$93.38 million
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