NioCorp Developments Completes Convertible Security Finding Agreement for Up to US$10.5 Million

NioCorp Developments (TSX:NB) has signed a definitive convertible security funding agreement, whereby it may receive an institutional investment of up to US$10.5 million. The agreement was made with an entity managed by Lind Partners, a New York asset management firm.
As quoted in the press release:

An initial US$4.5 million will be funded pursuant to the issuance of an initial convertible security (“Convertible Security”), which is expected to occur on or around December 24, 2015 (the “First Tranche”).  US$1.5 million of the First Tranche will be held in escrow pending certain conditions required to be satisfied by December 31, 2015.  Lind can increase the funding under the Convertible Security by an additional US$1.0 million during its two-year term.  Further, provided certain conditions are met, the Company will have the right to call an additional US$ 1.0 million under the funding agreement.

NioCorp executive chairman, Mark Smith, said:

We are very pleased to have finalized this funding facility with The Lind Partners, a highly regarded group of very successful institutional investors.  This funding will move us further along toward completion of a bankable feasibility study for our Elk Creek project, which will then help to set the stage for us to acquire project financing and begin construction of our mine and processing facility in Nebraska.

Click here for the full press release.