NioCorp Developments Ltd. (TSE:NB) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 Unregistered Sales of Equity Securities.
As previously disclosed, on June 27, 2018, 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”). to the Lind Agreement, Lind agreed to advance to the Company $1.0 million, in consideration of which the Company agreed to issue to Lind a convertible security (the “Convertible Security”) with a face value of $1.2 million (representing $1.0 million in funding plus an implied 10% interest rate per annum for the term of the Convertible Security).
On July 9, 2018, in connection with the funding and issuance of the Convertible Security, the Company issued 1,035,319 common share purchase warrants of the Company (the “Warrants”) to Lind to the Lind Agreement. Each Warrant entitles the holder to acquire one common share of the Company at a price of C$0.77 per share until July 9, 2021. The Warrants were issued to the exemption from the registration requirements of the Securities Act of 1933 provided by Section 4(a)(2) thereof based upon the representations and warranties of Lind in the Lind Agreement.
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.