Niocorp Developments Ltd (NB)

[Middleborder]

P.M. Not a reorganization. Change to the board of directors.

"Arias Resource Capital Fund L.P., Arias Resource Capital Fund II L.P. and Arias Resource Capital Fund II (Mexico) L.P. (collectively, the "ARC Funds"), the ARC Funds were entitled to nominate four directors for so long as they held 50% or more of the issued share capital. At the last annual general meeting held on June 28, 2018, the ARC Fund's four nominees were Messrs. Arias, Abraham, Tellechea and Brace. Following the closing of the secondary offering in July 2018 and a private sale transaction during Q4 2018 the ARC Funds' ownership position in Largo decreased to 45.2% (excluding unexercised warrants) and, as a result, they are now entitled to nominate 3 directors to the Board."

More at link .

The Limited partnership that loaned money to Largo Had 4 Board members based on > 50% Share ownership. Its down to 42% so they only are entitled to 3 directors. I do not know how many are on the board, but I would take it to mean that ARC does not have exclusive control of Largo Board actions. LARGO paid $36M against debt in 1st quarter and expects to pay off debt in the next. Then there is the Shelf prospectus.... More control for MS?

Not certain this affects NIOBF unless ARC is possible funding source?