NioCorp Developments Ltd. (TSE:NB) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02
On November 10, 2017, NioCorp Developments Ltd. (the “Company”) issued 703,410 common shares, without par value (“Common Shares”), of the Company to Lind Asset Management IV, LLC (“Lind”) upon conversion of US$225,000 in principal amount of the initial convertible security, originally issued to Lind to the definitive convertible security funding agreement dated December 14, 2015 between the Company and Lind (the “Initial Convertible Security”), at a conversion price of C$0.40715 per share. The Common Shares were issued, among other exemptions, to Section 3(a)(9) of the Securities Act of 1933 (the“Securities Act”), in connection with the voluntary conversion of a portion of the amount outstanding under the Initial Convertible Security and based upon representations and warranties of Lind in connection therewith.
On November 10, 2017, the Company issued 156,313 Common Shares to Lind upon conversion of US$50,000 in principal amount of the first tranche increase (the “First Tranche Increase”) of the Initial Convertible Security at a conversion price of C$0.40715 per share. The Common Shares were issued, among other exemptions, to Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of a portion of the amount outstanding under the Initial Convertible Security and based upon representations and warranties of Lind in connection therewith.
On December 18, 2017, the Company issued 982,835 Common Shares to Lind upon conversion of US$275,000 in principal amount of the First Tranche Increase at a conversion price of C$0.35998 per share. The Common Shares were issued, among other exemptions, to Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of a portion of the amount outstanding under the Initial Convertible Security and based upon representations and warranties of Lind in connection therewith.
On December 22, 2017, the Company issued 1,737,033 Common Shares to Lind upon conversion of US$600,000 in principal amount of the First Tranche Increase at a conversion price of C$0.43945 per share. The Common Shares were issued, among other exemptions, to Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of a portion of the amount outstanding under the Initial Convertible Security and based upon representations and warranties of Lind in connection therewith.
As previously disclosed, on August 10, 2017, Lind provided notice to the Company of its election to advance an additional $1.0 million in funding to the Company to the definitive convertible security funding agreement, dated December 14, 2015, between the Company and Lind (the “Convertible Security Increase”). On December 6, 2017, in connection with the Convertible Security Increase, the Company issued 355,132 common share purchase warrants of the Company (the “December Warrants”) to Lind, with each December Warrant entitling the holder to acquire one Common Share of the Company at a price of C$0.54 per share until December 6, 2020. The December Warrants were issued to the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof 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.
