CENTENNIAL, CO - NioCorp Developments Ltd. (NASDAQ:NB)(TSX:NB), a company developing a critical minerals project in Southeast Nebraska, has initiated the process to issue 85,000 new common shares. This move comes as part of an arrangement detailed in the Standby Equity Purchase Agreement dated January 26, 2023.
The company has chosen the Option 2 Pricing Period, which sets the purchase price of the newly issued shares at 97% of their daily volume-weighted average price on Nasdaq over a span of three consecutive trading days starting today. The completion of the transaction is expected to occur around March 14, 2024, contingent upon the fulfillment of certain conditions outlined in the agreement.
NioCorp's project in Nebraska is anticipated to yield niobium, scandium, and titanium, all of which have significant industrial and technological applications, including in the automotive, aerospace, and defense sectors. Furthermore, the company is assessing the potential to extract several rare earth elements at the site, which are essential in the production of neodymium-iron-boron magnets widely used in various applications.
The information in this article is based on a press release statement from NioCorp Developments Ltd.
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