Niocorp Developments Ltd (NB)

[Landmark8211111]

NEWS! …


NioCorp Expands Existing Non-Revolving Credit Facility to US$4 Million
T.NB | 1 day ago
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.

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 earth byproducts from the Project. (PRNewsfoto/NioCorp Developments Ltd.)

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, [e-mail]
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