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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 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. (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.
NioCorp Developments Ltd. (TSX: NB, OTCQX: NIOBF) announced the filing of a Technical Report Summary (TRS) with the SEC, based on its 2022 Feasibility Study for the Elk Creek Critical Minerals Project. This filing complies with SEC regulations regarding the disclosure of mineral resources and reserves. A similar report for Canadian purposes was submitted on June 28, 2022. Both reports present substantively identical data and economic conclusions, with variations attributed to different disclosure requirements.
NioCorp Developments Ltd. (TSX: NB, OTCQX: NIOBF) has successfully closed a non-brokered private placement, raising approximately C$4.8 million by issuing 4,981,035 units at C$0.96 each. Each unit includes one common share and a warrant to purchase a common share at C$1.10 until July 1, 2024. The proceeds will advance the Elk Creek Critical Minerals Project and support general corporate purposes. A cash commission of C$62,496 and finder warrants were also paid to finders. Securities sold are subject to a four-month hold, expiring on November 1, 2022.
NioCorp Developments Ltd. has filed a Technical Report for its Elk Creek Project, confirming it has the second largest indicated rare earth resource in the U.S. The study indicates 632.9 kt of contained total rare earth oxides and emphasizes the potential for producing rare earth byproducts along with niobium, scandium, and titanium. The project’s expected life has increased to 38 years, with a pre-tax NPV rising to $2,819 million. NioCorp aims to capitalize on the growing demand in sectors like electrified transportation and renewable energy.
