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NIOBAY raising an extra $2 million for James Bay exploration

Nov 18, 2020

NioBay Metals has increased the size of its previously announced private placement from up $10,000,000 to $12,000,000. 

NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands.

The company has also amended its agreement with Canaccord Genuity Corp. on behalf of a syndicate of agents that includes Sprott Capital Partners LP.

The Offering has been amended to the following:

  • an aggregate of up to 12,307,692 Units of the Company at an issue price of $0.65 per Unit for aggregate gross proceeds of $8,000,000. Each Unit will be comprised of one common share of the Company (each, a "Common Share") and one-half-of-one common share purchase warrant of the Company (each whole warrant, a "Warrant") with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.90 per share for a 36-month period following the closing date of the Offering; and 
  • an aggregate of up to 5,882,353 Flow-Through Shares at an issue price of $0.68 per Flow-Through Share for aggregate gross proceeds of up to $4,000,000.

In addition, the Agents have been granted an option to sell up to that number of an additional Units and Flow-Through Shares for additional gross proceeds of up to $750,000.

The Offering is expected to close on or about December 8, 2020 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Offering is being made by way of private placement in Canada. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. The Offering is subject to final acceptance of the TSX Venture Exchange. 

NioBay also holds a 72.5% interest in the Crevier niobium and tantalum project located in Quebec and a 47% direct participation in mineral titles situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with SOQUEM. 

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