Institutional Investor Provides an Additional US$250,000 to NioCorp Following NioCorp’s Closing of its Oversubscribed Non-Brokered Equity Financing
January 20, 2016 (Source) — NioCorp Developments Ltd. (“NioCorp” or the “Company”) (TSX:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) announced today that it has received an additional US$250,000 in First Tranche funding as part of a definitive convertible security funding agreement with an entity managed by The Lind Partners, a New York based asset management firm (together, “Lind”). The US$250,000 from Lind was made available as a result of NioCorp’s successful closing of its recent oversubscribed non-brokered equity financing, and it represents the final installment of Lind’s US$4.5 million in first tranche funding to NioCorp.
NioCorp’s oversubscribed private placement financing raised gross proceeds of CAD$5,247,485 for the Company. Details on that financing can be seen here. Over the past several weeks, and in spite of very challenging capital markets for metals development projects, NioCorp has successfully raised gross proceeds of CAD$11.5 million to support the Company and its Elk Creek, Nebraska niobium/scandium/titanium project.
Mark A. Smith, NioCorp’s Executive Chairman, stated: “We very much appreciate the support and continuing vote of confidence from The Lind Partners, and we look forward to progressing our Elk Creek Project to commercial operation.”
Executive Chairman and Director
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NioCorp is developing the Elk Creek Niobium / Scandium / Titanium project in Southeast Nebraska. Niobium is used to produce High Strength, Low Alloy (“HSLA”) steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium can be combined with Aluminum to make an alloy with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor and medical implants.
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