Niocorp Developments Ltd (NB)

[Rader1977]

As an aside, according to another poster MS’s loan will be retired by July after equity financing occurs

The loan is due June 30th, but repayment is not dependent on any financing agreement.

https://www.niocorp.com/niocorp-expands-existing-non-revolving-credit-facility-to-us4-million/

I fully expect this loan to get extended once again before the end of June, and possibly even increased. $4.5 million? $5 million? At 10% interest, this loan pays more than Mark Smith's salary, so it's in his best interest to elect to extend and increase it.

Perhaps our new Wharton graduate board members will see the folly in this business arrangement and finally put an end to it?

It just seems a bit dubious that MS is loaning $$ to a company, which then uses that $$ to pay his salary, all while he collects 10% interest on that $$.

Historically, MS loaning $$ to NioCorp goes all the way back to 2015, when he first loaned the company $2 million.

(From 2015:) https://www.niocorp.com/niocorp-arranges-usd-2-million-non-revolving-credit-facility/

Nearly every time that first $2 million was about to come due, the company extended the due date and increased the loan amount. This has continued for the past 8 years - MS collects his salary, then loans the money right back to the company at usurious interest rates.