- NioBay Metals (NBY) has raised almost C$11.6 million to fund exploration work at its James Bay Niobium Project in Ontario
- The company issued just over 10 million units at a price of $0.65 each, as well as almost 7.4 million flow-through shares at a price of $0.68 each
- Each unit is comprised of one common share and one-half of a common share purchase warrant, exercisable at a price of $0.90 per share
- The exploration work is expected to include an initial 12,000 metres of drilling
- NioBay Metals is currently up 1.64 per cent to $0.62 per share
NioBay Metals (NBY) has raised almost C$11.6 million to fund exploration work at its James Bay Niobium Project in Ontario.
Under the terms of the offering, the Montreal-based company issued just over 10 million units at a price of $0.65 each. These units are comprised of one common share in NioBay and one-half of a common share purchase warrant.
Each whole warrant will be exercisable at a price of $0.90 per share until December 8, 2023.
NioBay also issued almost 7.4 million flow-through shares at a price of $0.68 each.
The offering was lead by Canaccord Genuity and included a subscription from Sprott Capital Partners.
As consideration for their services, these underwriters received a total cash commission of $452,763 along with 672,653 broker warrants. Each of these warrants will be exercisable at a price of $0.65 per share for a period of 24 months.
“We are pleased by the support that we received from the investment community, it is a clear statement of trust towards the James Bay Niobium Project,” said Claude Dufresne, President and CEO of NioBay Metals.
“We will now continue the development of the James Bay Niobium Project, starting with a 12,000 meter drill program on the property. 2021 will definitely be a very exciting year for NioBay shareholders,” he added.
In early November, NioBay launched a high-resolution airborne magnetic survey at the James Bay Project, which it acquired in 2016 from a consortium of three companies, including Barrick Gold, James Bay Columbium and Goldcorp.
The objective of the survey was to assist in better defining the geology of the project to guide future exploration work.
NioBay Metals is currently up 1.64 per cent to $0.62 per share at 10:57am EST.