CENTENARY, Colo., December 13, 2021 /CNW/ — NioCorp Developments Ltd. (“NioCorp“or the”Company“) (TSX: NB; OTCQX:NIOBF) is pleased to announce an agreement with the CEO and Executive Chairman of NioCorp, Mark A. Smithto extend the expiry date of its $3.5 million non-revolving credit facility with Mr. Smith for June 30, 2022.
The Extended Credit Facility Agreement is subject to Toronto Stock Exchange approval and constitutes a “related party transaction” under National Instrument 61-101 Protection of Minority Security Holders in Transactions (“MI 61-101”). Because the value of the credit facility is less than 25% of NioCorp’s market capitalization, the credit facility extension agreement is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61. -101.
NioCorp $NB $NIOBF #Niobium #Scandium #ElkCreek #MarkSmith
For more information
Contact Jim SimsVice President of External Affairs, NioCorp Developments Ltd., 303-503-6203, [email protected]
NioCorp is developing a superalloy materials project in Southeast Nebraska which will produce niobium, scandium and titanium. The Company is also evaluating the potential for production of several rare earth by-products from the Project. Niobium is used to produce superalloys as well as high-strength, low-alloy (“HSLA”) steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a superalloy material that can be combined with aluminum to make alloys with increased strength and better corrosion resistance. Scandium is also an essential component of advanced solid oxide fuel cells. Titanium is used in various superalloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium, are critical to the manufacture of neodymium-iron-boron (“NdFeB”) magnets, which are used in a wide variety of military and civil.
Caution Regarding Forward-Looking Statements
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this document. Certain statements contained herein may constitute forward-looking statements, including, but not limited to, statements relating to the Company’s ability to produce niobium, scandium, titanium and rare earth products at the proposed superalloy materials from Elk Creek. These forward-looking statements are based on NioCorp’s reasonable expectations and business plan as of the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that these forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause these assumptions to change and that actual results and estimates may differ materially from any future results, achievements or positions estimated or expectations expressed or implied by these forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp’s plans or prospects to change include risks relating to NioCorp’s ability to operate as a going concern; risks relating to NioCorp requiring significant additional capital; changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and to comply with laws and regulations and other regulatory requirements; the possibility that actual results of the work may differ from projections/expectations or fail to realize the perceived potential of NioCorp’s projects; risks of accidents, equipment failures and labor disputes or other unforeseen difficulties or disruptions; the possibility of cost overruns or unforeseen expenses in development programs; operational or technical difficulties related to exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of reserve and resource grades; risks relating to exploration, development and mining activities, and the risks set forth in the Company’s filings with the SEC at www.sec.gov. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE NioCorp Developments Ltd.