NioCorp Developments (NB-T) July 11, '16 announces that it now expects to have sufficient capital to complete its Elk Creek Superalloy Materials Feasibility Study after raising approximately C$4.8 million in gross proceeds from its recently completed warrant incentive program.
A total of approximately 7.4 million C$0.65 share purchase warrants expiring November 10, 2016 were exercised during the incentive period, representing about 50% of all C$0.65 Warrants outstanding and nearly 70% of warrant holders eligible to participate. Each holder who exercised one Warrant during the Program received 1.11029 common shares, representing one Warrant Share and 0.11029 of a common share, as the incentive portion.
In addition to the proceeds from the Warrant Program, since January 1, 2016, the Company has received more than C$2 million in gross proceeds from other warrant and stock option exercises.
Furthermore, approximately 7.56 million of the C$0.65 Warrants remain outstanding and can be exercised prior to the Expiry Date. Such exercises represent an estimated C$4.9M in additional potential gross proceeds to the Company, although there can be no assurance that these warrants will be exercised.
“I am very pleased to say that we have now reached the point where we expect to have access to sufficient capital to complete the remaining work associated with the Elk Creek Feasibility Study, and we are continuing to proceed full speed ahead toward finishing our remaining pilot plants and moving the Feasibility Study to conclusion,” said Mark A. Smith, NioCorp’s Executive Chairman and CEO. “All pilots are proceeding well and our team is working hard to complete this work as soon as the technical processes allow.”
“I want to extend my thanks and appreciation to all NioCorp warrant holders who exercised during our incentive program,” Mr. Smith said. “We are pleased and proud that our share price supported exercise of those warrants, and that so many of our shareholders elected to continue investing in NioCorp.”
Mr. Smith said that the Company’s capital focus “now turns to funding longer-term business operations and overhead, continuing our staff ramp-up, intensifying permitting processes, and preparing for our large scale project capital raise so that we can proceed to construction launch of the Elk Creek Project as soon as possible and rapidly advance this project to commercial operation.”
Disclaimer
This release does not constitute an offer to sell or a solicitation of an offer to buy of any of NioCorp’s securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom.
On Behalf of the Board of Directors:
"Mark Smith”
Mark Smith, Executive Chairman, CEO and Director
# # # Source: NioCorp Developments Ltd.
@NioCorp $NB $NIOBF #Niobium #Scandium #ElkCreek
For More Information
Contact Jim Sims, VP of External Affairs, NioCorp Developments Ltd., 855-2-NIOCORP (855-264-6267), jim.sims@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 can be combined with Aluminum to make super-high-performance 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 has extensive uses in aerospace, defense, transportation, medical, and other applications. It also is a key component of pigments used in paper, paint and plastics. | | |
