NioCorp Announces That All Principal Under Convertible Debt Financing Agreement With The Lind Partners Has Been Retired
CENTENNIAL, Oct. 22, 2019 - NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX: NB; OTCQX: NIOBF) is pleased to announce the remaining principal due under the Convertible Security Financing Agreements ("CSFA") with The Lind Partners ("Lind") was retired through a common share conversion of $200,000 on October 17, 2019. No new proceeds were raised in connection with the conversion. Remaining interest will accrue monthly, as required under the CSFA, through the duration of the agreement, which terminates on July 9, 2020.
Net proceeds to NioCorp under the CSFA were US$10.77M, with a total of US$13.1M in common share conversions made to date under the terms of the CSFA.
"We are pleased to have made the final principal payment under the funding agreements, and we thank The Lind Partners for their support of NioCorp and the Elk Creek Superalloy Materials Project over these past three-plus years," said Mark A. Smith, NioCorp's CEO and Executive Chairman. "Lind's financial support was crucial to helping us advance the Elk Creek Project through the Feasibility Study phase and get to the point where we are today, which is working to secure project financing necessary to move this Project to construction and eventual commercial operation."
"The Lind Partners sees the Elk Creek Project as a very compelling project that deserves to be brought into commercial operation, and we were pleased to make a substantial investment in the project in order to help it continue to advance," said Jeff Easton, Founder and Managing Director of The Lind Partners.
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For More Information
Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., +1 (720) 639-4650, jim.sims@niocorp.com
https://www.niocorp.com
About NioCorp
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 ("HSLA") 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this document may constitute forward-looking statements, including but not limited to Lind's role in helping to advance the Elk Creek Project and NioCorp's ability to secure sufficient financing for the Project and advance towards commercial operation. Such forward-looking statements are based upon NioCorp's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp's plans or prospects to change include risks related to the Company's ability to operate as a going concern; risks related to the Company's requirement of significant additional capital; changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes in economic valuations of the Project, such as Net Present Value calculations, changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business and the risks set forth in the Company's filings with the SEC at www.sec.gov. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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SOURCE NioCorp Developments Ltd.