Niocorp Developments Ltd (NB)

[NavyHusker]

Something doesn't make sense here. They just announced the SPAC merger AND the Yorkville Convertible Debt Financing "NioCorp Closes Business Combination with GXII and Separate Financing Deals Providing Access to Up to US$71.9 Million in Net Proceeds Over the Next Three Years" (https://www.niocorp.com/niocorp-closes-business-combination-with-gxii-and-separate-financing-deals-providing-access-to-up-to-us71-9-million-in-net-proceeds-over-the-next-three-years/)

Pursuant to the Yorkville Convertible Debt Financing, Yorkville advanced a total of US$15.36 million to NioCorp in consideration of the issuance of US$16.0 million aggregate principal amount of convertible debentures of NioCorp convertible into Common Shares of NioCorp

In connection with closing, NioCorp received approximately US$15.28 million in gross proceeds from the Business Combination.

Plus at the end of February "NioCorp Expands Existing Non-Revolving Credit Facility to US$4 Million" (https://www.niocorp.com/niocorp-expands-existing-non-revolving-credit-facility-to-us4-million/)

So did they or did they not just get an influx of $15M cash in March AND an increased credit line of $4M but now need to raise $2M more via dilution a month later with the stock at record lows (AKA more shares of dilution to get the same amount of funds since the share price is tanking).

What the heck is management doing? Maybe there is a good reason that I'm not fully understanding. I don't know. Someone likes to say that the dots are connecting but the way this looks to me is they are needing lots of cash in the near term let alone to begin construction (which none of these amounts are getting close to those number which is what concerns me). Why do they need to raise so much cash in under 2 months time to dilute at these levels?