Business
NioBay Metals Closes Financing
MONTREAL, July 20, 2023 (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":" MONTREAL, July 20, 2023 (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 gross proceeds of $871,520, from the sale of the following: 3,541,999 Quebec-eligible flow-through units of the Company (each, a “Quebec FT Unit”) at a price of $0.12 per Quebec FT Unit for gross proceeds of $421,800; 2,452,000 flow-through units of the Company (each, a “National FT Unit”) at a price of $0.11 per National FT Unit for gross proceeds of $269,720; and 1,800,000 units of the Company at a price of $0.10 per unit (each, a “Unit”), for gross proceeds of $180,000. There were no cash commissions or finder’s fees paid in connection with the Offering. Jean-Sébastien David, President & CEO commented: “I would like to thank our supporters, old and new, for allowing us to carry out exploration work on our new claims with this funding. We purposely kept this financing small to minimize dilution to our shareholders, while continuing exploration in Québec.” Each Quebec FT Unit consists of one common share of the Company (each a “Common Share”) issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each National FT Unit consists of one Common Share issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one half of one Warrant. Each Unit consists of one Common Share and one Warrant. Each whole Warrant shall entitle the holder to purchase one Common Share at a price of $0.14 at any time on or before July 21, 2025. All the Common Shares issued pursuant to the Offering are subject to a hold period under applicable securities laws, which will expire on November 21, 2023. The Company expects to use the net proceeds from the Offering for exploration of critical minerals on the Company’s properties in Québec as well as for general working capital and corporate purposes. Insiders of the Company have participated in the Offering and were issued an aggregate of 270,000 Quebec FT Units and 200,000 Units., for gross proceed of $52,400. Such participation in the Offering is a “related pa...