Business
NioBay Metals Closes Sale of Property and Provides Corporate Update
MONTREAL, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to announce that it has completed its sale of
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTREAL, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to announce that it has completed its sale of its interest (the “Transaction”) in the Des Meloizes Property (the “Property”), previously announced on September 29, 2020. The Property was owned by the Company and SOQUEM Inc. (“SOQUEM”), under a joint venture agreement. The Transaction The Transaction was completed among the Company, SOQUEM and Generic Gold Corp. (\"Generic Gold\"). In exchange of its 47% ownership of the Property, the Company has received: (i) cash in the amount of $25,000; and (ii) an aggregate of 1,750,000 common shares (the \"Consideration Shares\") in the capital of Generic Gold. In exchange for its 53% ownership in the Property, SOQUEM has received: (i) cash in the amount of $175,000; and (ii) an aggregate of 750,000 Consideration Shares. In addition, SOQUEM was granted a 3% net smelter returns royalty (the \"NSR\") in respect of the Property, subject to the right and option of Generic Gold to purchase 1% of the NSR for a price equal to $1,000,000. Corporate Update NioBay would also like to announce that, subject to regulatory approval, it has retained Venture Liquidity Providers Inc. (\"VLP \"), to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the Company. The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP $5,000 per month for a period of 12 months. The market making services agreement with VLP may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer Co. Ltd. The fee paid by the Company to VLP is for services only. There are no performance factors contained in the agreement between VLP and the Company and VLP will not receive any shares or options from the Company as compensation for the services. About NioBay Metals Inc. NioBay Metals Inc. is a mining exploration compa...