Yes I see what you mean.
Your profile picture is showing gxii (renamed elk creek resources).
The price in your profile picture ($7.47) is the same as gxii close ($7.47) on 3-16-23
gxii traded steady above $10 for weeks but on the final 2 days of trading it tanked.
3-16-23 open 10.62 high 10.62 low 7.45 close 7.47 vol 348.81k
3-17-23 open 7.50 high 8.03 low 6.69 close 6.69 vol 207.37
The other profile picture you reference Mar 21 Current price C$1.13
If I take the canadian $1.13 times conversion rate to US$ of .73 equals .824 which we know was the close of niobf on Monday 3-20-23 before it reverse split for Tuesday morning.
We are not alone. Niocorp CPA is having a hard time getting the books in order. See below for prior reference of the tragic events.
CENTENNIAL, Colo. (March 17, 2023) – NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX: NB; OTCQX: NIOBF) today announced the completion of its previously announced business combination (the “Business Combination”) with GX Acquisition Corp. II (“GXII”). Further, NioCorp also announced the closing of both tranches of its previously announced convertible debt financing (the “Yorkville Convertible Debt Financing”) with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP (together with YA II PN, Ltd., “Yorkville”), and the effectiveness of its previously announced standby equity purchase facility with Yorkville (the “Yorkville Equity Facility Financing”, and together with the Business Combination and the Yorkville Convertible Debt Financing, the “Transactions”).
Pursuant to the Business Combination, a wholly owned, U.S.-based subsidiary of NioCorp merged with and into GXII, with GXII surviving the merger as a subsidiary of NioCorp. In connection with the merger, GXII changed its name to “Elk Creek Resources Corp.” As the parent company of the merged entity, NioCorp issued 1,753,823 common shares (the “Common Shares”) in exchange for all of the Class A shares of GXII issued and outstanding immediately prior to the Business Combination. The Class B shares of GXII issued and outstanding immediately prior to the Business Combination (after giving effect to the surrender of certain Class B shares of GXII in accordance with the support agreement, dated September 25, 2022, among GX Sponsor II LLC, GXII, NioCorp and the other persons party thereto) were converted into Class B shares of GXII (now known as Elk Creek Resources Corp.) as the surviving entity of the merger and became exchangeable into Common Shares on a one-for-one basis, a portion of which are subject to vesting during the first ten years following the Business Combination closing date based upon achieving market share price milestones, and all of which are subject to restrictions on transfer beginning upon the closing and ending upon the earlier of (i) one year after the closing and (ii) the date on which the trading price of the Common Shares exceeds certain thresholds or the date on which NioCorp completes a transaction that results in all of NioCorp’s shareholders having the right to exchange their Common Shares for cash, securities or other property. In connection with the closing, NioCorp also assumed the outstanding GXII share purchase warrants (the “Assumed Warrants”), which will be exercisable for Common Shares with an exercise price of approximately $10.28 per Common Share. The Assumed Warrants are exercisable beginning on the 30th day after closing and will remain exercisable until the 5th anniversary of the closing date. All numbers in this press release give effect to the completed Consolidation (as defined herein).
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 (the “Convertible Debentures”). Each Convertible Debenture issued under the Yorkville Convertible Debt Financing is an unsecured obligation of NioCorp, may be converted at a discount to the market price as of the date of conversion, has an 18-month term, which may be extended for one six-month period in certain circumstances at the option of NioCorp, and incurs a simple interest rate obligation of 5.0% per annum (which will increase to 15.0% per annum upon the occurrence of an event of default). In conjunction with the issuance of the Convertible Debentures, NioCorp issued to Yorkville 1,789,267 Common Share purchase warrants entitling Yorkville to purchase Common Shares (the “Financing Warrants”) at an exercise price of approximately $8.94 per Common Share. The Financing Warrants are exercisable beginning on the earlier of (a) six months from their issuance or (b) the effective date of the initial registration statement registering the resale by Yorkville of the Common Shares issuable upon the conversion of the Convertible Debentures and the exercise of the Financing Warrants under the U.S. Securities Act of 1933 (the “Exercise Date”), and may be exercised at any time prior to their expiration. On each of the first 12 monthly anniversaries of the Exercise Date, 1/12th of the Financing Warrants will expire.
Pursuant to the Yorkville Equity Facility Financing, NioCorp will have the right, but not the obligation, to sell Common Shares to Yorkville with a maximum aggregate value of up to US$65.0 million (the “Commitment Amount”) for a period of up to 36 months at a discount to the market price as of the date of each respective issuance, subject to certain limitations and the satisfaction of certain conditions. Upon closing, NioCorp paid US$0.5 million to Yorkville as part of a cash fee, and will pay an additional US$1.0 million in cash to Yorkville in installments over the next 12-months. Further, within five days of closing, NioCorp will issue to Yorkville 81,213 Common Shares as consideration for Yorkville’s irrevocable commitment to purchase Common Shares under the Yorkville Equity Facility Financing.
In connection with closing, NioCorp received approximately US$15.28 million in gross proceeds from the Business Combination. Deal costs are anticipated to be approximately US$20.3 million. NioCorp received an additional US$15.36 million in net proceeds from the Yorkville Convertible Debt Financing. NioCorp also expects to have access to up to an additional $61.6 million in net proceeds from the Yorkville Equity Facility Financing over the next three years. After giving effect to the Business Combination, the Yorkville Convertible Debt Financing and the Yorkville Equity Facility Financing, NioCorp expects to have access to a total of US$71.9 million in net proceeds over the next three years.
NioCorp Board of Directors
Following completion of the Business Combination, Dean C. Kehler and Michael G. Maselli have been appointed to the NioCorp board of directors, joining the seven existing NioCorp board members. Mr. Kehler is a Managing Partner of Trimaran Capital Partners, a manager of private investment funds, and currently serves on the Boards of Directors of Celularity Inc., El Pollo Loco Holdings, Inc. and Portman Ridge Finance Corporation. Mr. Maselli is a Managing Director of Trimaran Capital Partners and the Chairman of the Board of El Pollo Loco Holdings Inc.
Share Consolidation
The Company also effected a share consolidation (reverse stock split) (the “Consolidation”) of its issued and outstanding Common Shares on the basis of one (1) post-Consolidation Common Share for every ten (10) pre-Consolidation Common Shares. Following completion of the Business Combination and the Consolidation, there are currently 30,000,442 Common Shares issued and outstanding. Further, there are 7,957,404 Class B shares of GXII (now known as Elk Creek Resources Corp.), as the surviving entity of the merger, that are exchangeable for an aggregate of up to 7,957,404 Common Shares and 15,666,667 Assumed Warrants exercisable for an aggregate of up to 17,519,910 Common Shares. All existing convertible securities of the Company have proportionally adjusted as result of the Consolidation, in accordance with their respective terms. The Convertible Debentures and the Financing Warrants were issued following the Consolidation, but have similar terms that provide for proportional adjustment thereof.
The Common Shares and the Assumed Warrants are expected to begin trading on The Nasdaq Global Market and The Nasdaq Capital Market, respectively, on March 21, 2023, under the symbols “NB” and “NIOBW,” respectively. The Common Shares will continue to trade on the Toronto Stock Exchange (“TSX”) under the symbol “NB,” and will continue to trade on a pre-consolidated basis until such time as the TSX advises that trading on a post-consolidated basis will commence, which is expected to be at the beginning of regular trading hours on March 21, 2023. The Common Shares will cease being quoted on the OTC Markets in connection with the commencement of trading on The Nasdaq Global Market.
