TSX-V: NBY
MONTREAL, Nov. 17, 2020 /CNW/ - NioBay Metals Inc.
("NioBay" or the "Company") (TSX-V: NBY) is pleased to
announce that it has increased the size of its previously announced
private placement from up to $10,000,000 to $12,000,000 (the "Offering") and amended its
agreement with Canaccord Genuity Corp. on behalf of a syndicate of
agents that includes Sprott Capital Partners LP (collectively, the
"Agents").
The Offering has been amended to the following:
- an aggregate of up to 12,307,692 Units of the Company at an
issue price of $0.65 per Unit for
aggregate gross proceeds of $8,000,000. Each Unit will be comprised of one
common share of the Company (each, a "Common Share") and
one-half-of-one common share purchase warrant of the Company (each
whole warrant, a "Warrant") with each Warrant entitling the holder
thereof to acquire one Common Share at a price of $0.90 per share for a 36-month period following
the closing date of the Offering; and
- an aggregate of up to 5,882,353 Flow-Through Shares at an issue
price of $0.68 per Flow-Through Share
for aggregate gross proceeds of up to $4,000,000.
In addition, the Agents have been granted an option to sell up
to that number of an additional Units and Flow-Through Shares for
additional gross proceeds of up to $750,000.
The Offering is expected to close on or about December 8, 2020 and is subject to certain
closing conditions including, but not limited to, the receipt of
all necessary approvals including the conditional listing approval
of the TSX Venture Exchange and the applicable securities
regulatory authorities. The Offering is being made by way of
private placement in Canada. The
securities issued under the Offering will be subject to a hold
period in Canada expiring four
months and one day from the closing date of the Offering. The
Offering is subject to final acceptance of the TSX Venture
Exchange.
The securities offered have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
ABOUT NIOBAY METALS INC.
NioBay Metals Inc. is a
mining exploration company holding a 100% interest in the James Bay
Niobium Project located 45 km south of Moosonee, in the James Bay Lowlands in
Ontario. NioBay also holds a 72.5%
interest in the Crevier niobium and tantalum project located in
Quebec and a 47% direct
participation in mineral titles situated in the Chibougamau and Normetal region, Quebec, under a joint venture agreement with
SOQUEM.
CAUTIONARY STATEMENT
Certain statements contained in
this press release constitute forward-looking information under the
provisions of Canadian securities laws including statements about
the Company's plans. Such statements are necessarily based upon a
number of beliefs, assumptions, and opinions of management on the
date the statements are made and are subject to numerous risks and
uncertainties that could cause actual results and future events to
differ materially from those anticipated or projected. The
Company undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors should change, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy
or accuracy of this release.
SOURCE NioBay Metals Inc.