NioCorp Developments Ltd. (TSE:NB) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03
Lind Second Tranche Increase
As previously disclosed, on December 14, 2015, NioCorp Developments Ltd. (the “Company”) entered into a definitive convertible security funding agreement (the “Lind Agreement”) with an entity managed by The Lind Partners, a New York-based asset management firm (collectively with The Lind Partners, “Lind”), and issued to Lind an initial convertible security (the “Convertible Security”).
On March 27, 2018, the Company provided notice to Lind of its election to call an additional $1.0 million in funding under the Convertible Security to its right under the Lind Agreement (the “Convertible Security Increase”). As a result, upon payment of the additional $1.0 million in funding by Lind to the Company to the Convertible Security Increase, the face amount of the Convertible Security will be increased by $1.2 million ($1.0 million in additional funding and $200,000 in implied interest amount).
|Item 3.02||Unregistered Sales of Equity Securities.|
The disclosure regarding the Lind Agreement and the Convertible Security Increase contained in Item 2.03 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.02.
On February 22, 2018, the Company issued 1,341,177 common shares of the Company to Lind upon conversion of US$575,000 in principal amount of the Convertible Security at a conversion price of C$0.5446 per share. The common shares were issued, among other exemptions, to Section 3(a)(9) of the Securities Act of 1933 in connection with the voluntary conversion of a portion of the amount outstanding under the Convertible Security and based upon representations and warranties of Lind in connection therewith.
About NioCorp Developments Ltd. (TSE:NB)
NioCorp Developments Ltd. is an exploration-stage company. The Company is a mineral exploration/development company engaged in the acquisition, exploration and development of mineral properties. The Company operates through a segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the Elk Creek Project) located in Southeastern Nebraska. The Company also holds an interest in a mineral exploration property located in Canada. The Company’s Elk Creek Project is a niobium and scandium exploration project that also contains titanium. The Elk Creek Project is located approximately 75 kilometers southeast of Lincoln, Nebraska, the state capital of Nebraska. The Company has not generated any revenues. Its subsidiaries include 0896800 BC Ltd., Elk Creek Resources Corp. and Silver Mountain Mines Corp.