Business
Niobay Metals finalize the sale of properties to SOQUEM
MONTREAL, Jan. 20, 2022 (GLOBE NEWSWIRE) -- NioBay Metals Inc. ("NioBay" or the "Company") (TSX-V: NBY) (OTCQB: NBYCF), a company focused on exploration, develo
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTREAL, Jan. 20, 2022 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (\"NioBay\" or the \"Company\") (TSX-V: NBY) (OTCQB: NBYCF), a company focused on exploration, development and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus, is pleased to announce the final signature of the sale of properties. Previously NioBay signed a letter of understanding (press release October 20th 2021) for the sale to SOQUEM of the rights and interests of NioBay in the Lac Shortt, L'Espérance, Le Tac and Clairy properties (ie. an undivided interest of approximately 48 %) for a total cash purchase price of $ 950,000. Niobay will retain a 2% NSR royalty on the Clairy property, half of which (1% NSR) will be redeemable at any time by SOQUEM in return of a payment to NioBay of $ 1,000,000 in cash. In addition, Niobay will have the right to repurchase a 50% interest in any project containing a 43-101 mineral resource that has been identified and confirmed by a 43-101 technical report in return for a cash payment equal to the total of 200% of exploration expenses and 100% of the amount paid by SOQUEM for the property concerned. Word from the CEO “This final signature follows the agreement in principle that we signed last October,’’ says Jean-Sébastien David, CEO of the Company. “The proceeds from this sale will be used to continue our exploration and development efforts at our critical and strategic mineral projects (Niobium and Tantalum), which are the James Bay Projects located in Ontario and Crevier located in Quebec. Once again I would like to thank SOQUEM for the partnership we have had over the past few years.” About NioBay Metals Inc. NioBay will be a leader in the Environment, Sustainability, Governance and Indigenous inclusion supporting the development of smart mine(s) with low carbon consumption and responsible water and wildlife management practices. Critical to our success will be the consent and full participation of the Indigenous communities in whose territories we operate. The Company holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Quebec and on the Nitassinan territory of the...