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Niobay Metals Announces Closing of a Private Placement
MONTRÉAL, July 26, 2024 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce the closing of a p
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTRÉAL, July 26, 2024 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce the closing of a private placement (the “Offering”). Under the Offering, the Company raised proceeds of $981,550 from the sale of 14,022,142 Quebec-eligible flow-through units of the Company (each, a “Québec FT Unit”) at a price of $0.07 per Quebec FT Unit. Each Québec FT Unit consists of one common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.12 at any time on or before July 27, 2026. The Company paid $65,033 in cash and issued 929,049 warrants (“Finder’s Warrants”) to a finder in connection with the closing of the Offering. Each Finder’s Warrant will entitle the holder to purchase one common share at a price of $0.07 for a period of 24 months following closing date. Jean-Sébastien David, President & CEO commented: “Thank you to all the new shareholders. These funds will be used for the upcoming drilling program on our very promising Foothills Project. The program will be executed on private land owned by Séminaire de Québec.” All securities issued pursuant to the Offering are subject to a hold period under applicable securities laws, which will expire on November 27, 2024. The Offering remains subject to the final approval of the TSX Venture Exchange. The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction. About NioBay Metals Inc. NioBay aims to become a leader in the development of mine(s) with low carbon consumption and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance, and the inclusion of all stakeholders. Our top...