NioCorp Developments completes $2.7 million land purchase in Nebraska

NioCorp Developments Ltd. (NASDAQ:NB), a $1.5 billion market cap mining company that has seen its stock surge over 137% year-to-date according to InvestingPro data, announced Monday that its wholly owned subsidiary, Elk Creek Resources Corp., finalized the acquisition of three parcels of land in Johnson County, Nebraska. The transaction was completed on Friday under two option agreements originally dated December 4, 2009, and December 4, 2014, both with the previous owners, Roger and Nancy Woltemath.

According to the company’s statement filed with the Securities and Exchange Commission, the purchase included surface rights to one parcel, identified as Woltemath80S, and both surface and mineral rights to two additional parcels totaling approximately 1.66 acres, known as Woltemath002. The aggregate purchase price for the properties was about $2.7 million, calculated based on the appraised value per acre as stipulated in the agreements.

On the closing date, NioCorp recorded a decrease in cash of approximately $2.7 million on its consolidated balance sheet to reflect the payment of the purchase price and associated costs. A corresponding increase in land under non-current assets was also recorded for the same amount.

NioCorp Developments Ltd. is incorporated in British Columbia, Canada, and its common shares and warrants are listed on The Nasdaq Stock Market LLC under the symbols NB and NIOBW, respectively.

This information is based on a statement filed with the SEC.

In other recent news, NioCorp Developments Ltd. has made significant strides in its financial and operational activities. The company announced the completion of a public offering, raising approximately $45 million through the sale of 13,850,000 common shares at $3.25 per share. This funding effort, led by Maxim Group LLC, will support the advancement of NioCorp’s mining projects. Additionally, NioCorp plans to accelerate pre-construction activities at its Elk Creek Critical Minerals Project, having successfully raised a total of $60.7 million over the past three months.

In terms of corporate governance, NioCorp regained compliance with Nasdaq audit committee requirements following recent changes to its board of directors. This development comes after the passing of Michael Morris, a long-serving board member and independent director, who played key roles in several committees. The company acknowledged his contributions and the impact of his loss on its board. These recent developments highlight NioCorp’s ongoing efforts to bolster its financial position and project advancements.

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