CENTENNIAL, Colo. ,
Feb. 28,
2023 /PRNewswire/ -- NioCorp Developments Ltd.
("NioCorp" or the "Company") (TSX: NB; OTCQX:
NIOBF) is pleased to announce that it has expanded its existing
non-revolving credit facility between the Company and its Executive
Chairman, Mark Smith, to
US$4 million from the previous limit
of US$3.5 million.
Funds drawn on the credit facility will assist the Company in
continuing its work to secure project financing for the Elk Creek
Project (the "Project") and move the Project to a
construction start.
The credit facility bears an interest rate of 10%, is secured by
the Company's assets pursuant to a general security agreement, and
is subject to a 2.5% establishment fee. The amounts outstanding
under the credit facility will become due on June 30, 2023.
The credit facility is subject to Toronto Stock Exchange
approval and is a "related party transaction" under Multilateral
Instrument 61-101 Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). Because the value of the
credit facility is less than 25% of NioCorp's market
capitalization, it is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101.
NioCorp $NB $NIOBF #Niobium #Scandium #ElkCreek #MarkSmith
For More Information
Contact Jim Sims, VP of External
Affairs, NioCorp Developments Ltd., 720-639-4650,
jim.sims@niocorp.com
https://www.niocorp.com
About NioCorp
NioCorp is developing a critical minerals project in
Southeast Nebraska that will
produce niobium, scandium, and titanium. The Company also is
evaluating the potential to produce several rare earths from the
Project. Niobium is used to produce specialty alloys 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 specialty metal that can be combined
with Aluminum to make alloys with increased strength and improved
corrosion resistance. Scandium is also a critical component of
advanced solid oxide fuel cells. Titanium is used in various
lightweight alloys and is a key component of pigments used in
paper, paint and plastics and is also used for aerospace
applications, armor, and medical implants. Magnetic rare earths,
such as neodymium, praseodymium, terbium, and dysprosium are
critical to the making of Neodymium-Iron-Boron ("NdFeB") magnets,
which are used across a wide variety of defense and civilian
applications.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws. Forward-looking
statements may include, but are not limited to, statements about
the Company's ability to secure project financing for the Elk Creek
Project and move the project to a construction start.
Forward-looking statements are typically identified by words such
as "plan," "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "continue," "could," "may,"
"might," "possible," "potential," "predict," "should," "would" and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current
expectations of the management of NioCorp and are inherently
subject to uncertainties and changes in circumstances and their
potential effects and speak only as of the date of such statement.
There can be no assurance that future developments will be those
that have been anticipated. Forward-looking statements reflect
material expectations and assumptions, including, without
limitation, expectations, and assumptions relating to the Company's
ability to secure project financing for the Elk Creek Project and
move the project to a construction start. Such expectations and
assumptions are inherently subject to uncertainties and
contingencies regarding future events and, as such, are subject to
change. Forward-looking statements involve a number of risks,
uncertainties or other factors that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those discussed and
identified in public filings made by NioCorp with the SEC and with
the applicable Canadian securities regulatory authorities and the
following: NioCorp's ability to operate as a going concern;
NioCorp's requirement of significant additional capital; NioCorp's
limited operating history; NioCorp's history of losses; cost
increases for NioCorp's exploration and, if warranted, development
projects; a disruption in, or failure of, NioCorp's information
technology systems, including those related to cybersecurity;
equipment and supply shortages; current and future off take
agreements, joint ventures, and partnerships; NioCorp's ability to
attract qualified management; the effects of the COVID-19 pandemic
or other global health crises on NioCorp's business plans,
financial condition and liquidity; estimates of mineral resources
and reserves; mineral exploration and production activities;
feasibility study results; changes in demand for and price of
commodities (such as fuel and electricity) and currencies; 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; claims on the title to NioCorp's
properties; potential future litigation; and NioCorp's lack of
insurance covering all of NioCorp's operations.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of NioCorp
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements
concerning the matters addressed herein and attributable to NioCorp
or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to
herein. Except to the extent required by applicable law or
regulation, NioCorp undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof to reflect the occurrence of unanticipated
events.
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SOURCE NioCorp Developments Ltd.
