- NioBay Metals (NBY) has completed the sale of a one per cent royalty on its James Bay Niobium Project to Osisko Gold Royalties
- Osisko paid a total of C$2 million for the purchase, pursuant to an investment agreement from March 2018
- The company says the proceeds will be used to fund the development of the project, which includes a 2021 drill program
- Separately, Marc Pothier – currently Corporate Secretary – has been appointed as Vice-President of Legal Affairs
- NioBay Metals is currently up 5.66 per cent to $0.56 per share
NioBay Metals (NBY) has completed the sale of a one per cent royalty on its James Bay Niobium Project to Osisko Gold Royalties.
The option was granted to Osisko, which paid a total of C$2 million for the purchase, as part of its initial investment into NioBay in March 2018.
NioBay says the proceeds will be used to fund the development of the James Bay Niobium Project, located 40 kilometres south of Moonsonee, Ontario.
The company is currently in the process of finalising a 12,000-metre infill drilling program. All major contracts have been awarded and, weather permitting, the work is expected to begin in January with a focus on converting the project’s inferred resources into the indicated resource category.
A high-resolution magnetic survey was completed in early December this year, with initial results outlining promising structures north of the James Bay deposit. However, final interpretations of the data won’t be available until the first quarter of 2021, due primarily to a backlog brought on by high levels of activity.
The proceeds from the royalty sale bolster a financing that was completed earlier this month, in which NioBay raised almost $11.6 million by issuing just over 10 million units at a price of $0.65 each and nearly 7.4 million flow-through shares at a price of $0.68 each.
Separately, NioBay has appointed Marc Pothier – the company’s current Corporate Secretary – as Vice-President of Legal Affairs. In 1988, Marc received a degree in law from the University of Montréal and is a member of the Québec Bar.
With more than 20 years of experience in the mining sector, he has primarily acted as legal counsel for a variety of publicly traded companies across a host of jurisdictions.
NioBay Metals is currently up 5.66 per cent to $0.56 per share at 2:20pm EST.