NioCorp Developments Arranges US$1.5 Million Loan With Chairman Mark Smith

NioCorp Developments (TSX:NB,OTCQX:NIOBF) announced that it has arranged a US$1.5 million loan agreement with executive chairman Mark Smith.

As quoted in the press release:

These funds will contribute to work done on the Preliminary Economic Study (PEA), additional hydrological testing of the planned mine site, and additional hydrometallurgical work necessary to keep the project on its original timeline for completion of the Company’s Feasibility Study. The one year term loan will bear an interest rate of 10%, is secured by the Company’s assets pursuant to a concurrently executed general security agreement, and is subject to both a 2.5% establishment fee and 2.5% prepayment fee.

Lead Director of NioCorp’s Board, Joseph A. Carrabba, said:

NioCorp’s Board of Directors would like to thank Mr. Smith for his continued support of the Company’s mission and the Elk Creek Niobium Project. This loan, in addition to his recent acquisition of NioCorp common shares, is representative of his dedication and commitment to the success of this project and the Company.

Click here to read the NioCorp Developments (TSX:NB,OTCQX:NIOBF) press release