NioBay Metals Inc. Secures $2.2 Million Through Charity Flow-Through Offering
MONTRÉAL — NioBay Metals Inc. (TSX-V: NBY) (OTCQB: NBYCF) has successfully concluded a non-brokered private placement financing, securing total gross proceeds of $2,238,231.52. This successful Offering involved the issuance of 23,808,846 units under a charity flow-through arrangement, each priced at $0.094. Each unit comprises one common share, qualifying as a flow-through share, and a warrant enabling holders to purchase one common share at $0.10 within the next two years.
Funding Allocation for Exploration Activities
The proceeds from this Offering are earmarked for exploration activities across NioBay's properties situated in Québec. These funds are crucial for advancing the company's projects and capitalizing on potential growth opportunities in the region.
CEO’s Remarks on Recent Financing Success
Jean-Sébastien David, President and Chief Executive Officer of NioBay, expressed gratitude for the overwhelming support received during this financing phase. He emphasized the importance of collaborations with investors who prioritize long-term growth, particularly highlighting organizations such as SIDEX. The influx of capital will further the development of NioBay's pivotal metals project, Crevier, preparing ore for an additional pilot test to provide enhanced resource sampling and updates based on recent field efforts.
Compensation Details for Financial Intermediaries
As part of the transaction, NioBay compensated financial intermediaries with cash finder’s fees and compensation warrants. A total cash fee of $14,000 was paid to Wealth Creation Preservation and Donation Inc. Additionally, EMD Financial Inc. received a finder’s fee of $57,654 alongside 621,600 Compensation Warrants, while Alpha Bronze, LLC was awarded $3,500 and 53,846 Compensation Warrants. These compensation instruments are also exercisable at an exercise price of $0.10 per share for 24 months.
Important Conditions and Offer Details
This Offering was executed under specific prospectus exemptions outlined in applicable securities laws, subject to final acceptance from the TSX Venture Exchange. The issued securities will undergo a statutory hold period of four months and one day, culminating on November 30, 2025.
About NioBay Metals Inc.
NioBay is setting its sights on leading responsible mining practices, emphasizing low carbon footprints and effective wildlife management. The company is committed to engaging with Indigenous communities whose territories they operate within. Their major projects include a 100% interest in the James Bay Niobium Project and a 72.5% interest in the Crevier Niobium and Tantalum project. Additionally, NioBay is exploring options for acquiring an 80% interest in the Foothills project located near the former St-Urbain mine site.
Understanding Niobium and Its Applications
Niobium is a vital metal known for its ductility, malleability, and extraordinary corrosion resistance. It plays a significant role in enhancing efficiency and functionality across various materials and sectors, such as Mobility, Structural, and Energy. Niobium's unique properties not only increase the value of materials like steel, glass, and aluminum but also contribute to reducing their environmental impact.
Frequently Asked Questions
What was the total amount raised by NioBay in the recent offering?
NioBay raised a total of $2,238,231.52 through its charity flow-through offering.
What are the intended uses of the proceeds from the placement?
The proceeds will be used for funding exploration work on NioBay's properties located in Québec.
Who is the President of NioBay Metals Inc.?
The President and CEO of NioBay Metals Inc. is Jean-Sébastien David.
What is the significance of niobium in various applications?
Niobium enhances the properties of materials, making them more efficient and lowering environmental impacts across multiple sectors.
How long is the hold period for the securities issued under the offering?
The securities are subject to a four-month-and-one-day statutory hold period expiring on November 30, 2025.
