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CENTENNIAL, CO – NioCorp Developments Ltd. (NASDAQ:)(TSX:NB), a company focused on the development of a critical minerals project in Southeast Nebraska, has announced the initiation of a share sale process as per its Standby Equity Purchase Agreement from January 26, 2023.
The company has delivered an Advance Notice for the purchase of 82,500 shares of its common stock at a price determined by a set discount to the market value.
The sale price for these shares, known as Advance Shares, will be set at 97% of the volume-weighted average price on Nasdaq over a three-day period starting from today. The closing of this transaction is expected to occur on or around March 7, 2024, subject to certain conditions outlined in the agreement.
This move is part of NioCorp’s ongoing efforts to secure funding for its Elk Creek Project, which aims to produce niobium, scandium, and titanium, with the potential addition of rare earth elements in the future. The minerals produced by this project have a wide range of applications, including in the automotive, aerospace, and defense industries.
The company has stated that the offering and sale of the Advance Shares are being conducted in compliance with the exemption from registration under Section 4(a)(2) of the Securities Act of 1933.
This announcement is based on a press release statement.
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This story originally appeared on Investing
