June 28, 2018 (Source) — NioCorp Developments Ltd. (“NioCorp” or the “Company”) (TSX:NB) (OTCQX:NIOBF) (FSE:BR3) is pleased to announce that it has completed and signed a definitive convertible security funding agreement (the “Agreement”) with an entity managed by The Lind Partners, a New York based asset management firm (together, “Lind”). A total of US$1.0 million will be funded pursuant to the issuance of a convertible security (the “Convertible Security”), which is expected to occur on or around July 9, 2018. The Agreement replaces the convertible security funding agreement between the Company and Lind dated December 14, 2015, as amended (the “Original Agreement”) in respect of the remaining US$1.0 million funding amount available under the Original Agreement. Accordingly, no further funding will be provided by Lind to the Company under the Original Agreement. The Company has also agreed to issue to Lind a number of warrants (the “Warrants”) under a formula based on the amount funded and the prevailing five-day VWAP prior to the date of issue. The terms of the Convertible Security and the Warrants are substantially similar to the terms governing like securities under the Original Agreement. The Agreement and the issuance of securities thereunder has been conditionally approved by the Toronto Stock Exchange (the “TSX”). Closing is subject to final TSX approval and to the satisfaction of other customary closing conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. These securities have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a U.S. person or person in the United States absent such registration or an applicable exemption from such registration requirements.
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 is a superalloy material that can be combined with Aluminum to make 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 is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor and medical implants.