NIOBF - NIOBF STOCK NEWS

NioCorp Developments Ltd. has completed its business combination with GX Acquisition Corp. II, transforming GXII into a subsidiary named Elk Creek Resources Corp. Following the merger, NioCorp issued over 1.7 million common shares and assumed share purchase warrants. NioCorp also closed a $15.36 million convertible debt financing with Yorkville Advisors, receiving a total of about $71.9 million in net proceeds from this and other financing arrangements over the next three years. The company will see its common shares trade on Nasdaq starting March 21, 2023, while a reverse stock split was executed, consolidating shares on a 1-for-10 basis.

NioCorp Developments Ltd. (NIOBF, TSX: NB) announced the successful completion of its merger with GX Acquisition Corp. II, now known as Elk Creek Resources Corp. This merger allows NioCorp to access about US$71.9 million in net proceeds over the next three years, bolstered by recent financing deals, including US$15.36 million from Yorkville Advisors. Following the merger, NioCorp has implemented a 10-for-1 share consolidation, resulting in 30,000,442 common shares outstanding. New board members Dean Kehler and Michael Maselli join the existing board as NioCorp prepares to trade on Nasdaq starting March 21, 2023.

NioCorp Developments Ltd. (TSX: NB; OTCQX: NIOBF) announced the overwhelming approval by shareholders for its business combination with GX Acquisition Corp II. Shareholders voted in favor of key proposals with majorities exceeding 96%. The proposals included the issuance of shares, equity financing, convertible debt financing, and a quorum amendment. Completion of the business combination and financing is contingent upon receiving necessary approvals from the Toronto Stock Exchange and GXII stockholders. The company is progressing with its Elk Creek Project in Southeast Nebraska, which aims to produce critical minerals like niobium, scandium, and titanium.

NioCorp Developments Ltd. has received a Letter of Interest from the Export-Import Bank of the United States (EXIM) for potential debt financing of up to $800 million for the Elk Creek Critical Minerals Project. This financing is part of EXIM's "Make More In America" initiative, aimed at supporting U.S. projects that enhance critical supply chains. While the Letter indicates potential support, it does not guarantee financing or signify project viability. NioCorp plans to submit a formal application to begin the underwriting process, which may take 6-9 months and is contingent on meeting EXIM's criteria.

NioCorp Developments Ltd. has expanded its credit facility with Executive Chairman Mark Smith from US$3.5 million to US$4 million. The funds will support project financing efforts for the Elk Creek Project, aimed at starting construction. The facility carries a 10% interest rate, secured by company assets, and is due on June 30, 2023. This transaction is classified as a 'related party transaction' under MI 61-101, exempting it from formal shareholder approval as it is below 25% of NioCorp's market cap. The company continues to evaluate potential production of critical minerals like niobium, scandium, and titanium.

NioCorp Developments Ltd. has signed a contract with Zachry Group to develop cost estimates for surface facilities at the Elk Creek Critical Minerals Project in Nebraska. This contract marks the first phase of engineering, procurement, and construction (EPC) for the $1.2 billion project. The partnership aims to position NioCorp to commence construction upon securing necessary project financing. NioCorp plans to produce niobium, scandium, and titanium from the project, crucial for various industries, including automotive and aerospace. The collaboration is expected to leverage Zachry's extensive expertise in large-scale projects.

NioCorp Developments Ltd. (TSX:NB, OTCQX:NIOBF) announced successful results from its demonstration-scale processing plant in Quebec. The facility produced a high-purity mixed rare earth concentrate, showing the feasibility of extracting vital magnetic rare earth oxides that the U.S. currently imports entirely from China. Key outputs include 6% praseodymium oxide and 25% neodymium oxide, with overall recoveries exceeding 92%. While additional testing is underway to confirm these results, the company is focused on producing neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide for electric vehicle magnets. Further economic analysis is needed to justify future operations at the Elk Creek Project.

NioCorp Developments Ltd. announced definitive agreements with Yorkville Advisors Global for two financings: up to US$16 million in convertible debentures and a standby equity purchase facility of US$65 million. The total potential funding could reach US$80.36 million to advance the Elk Creek Project and cover transaction expenses. Completion depends on conditions including shareholder and regulatory approvals. The financing involves unsecured debt with an 18-month term at a 5% interest rate, convertible into common shares at a set price based on market performance.

NioCorp Developments Ltd. (TSX:NB, OTCQX:NIOBF) announced successful preliminary results from its demonstration-scale processing plant in Quebec, Canada. The plant achieved a rare earth dissolution rate of 86-95% from Elk Creek ore via hydrochloric acid leaching, and a loading rate of up to 99% during solvent extraction. The company aims to recover high-purity neodymium-praseodymium, dysprosium, and terbium oxides, essential for electric vehicle magnets. However, an economic analysis of the extraction process remains pending, indicating further studies are necessary.