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NioBay Metals Provides an Update on the Drill Program and Closing of a Financing
MONTREAL, Jan. 23, 2020 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to provide an update on the upcoming drill pr
About this update from Niobay Metals Inc.
[{"type":"text","content":" MONTREAL, Jan. 23, 2020 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (“NioBay” or the “Company”) (TSX-V: NBY) is pleased to provide an update on the upcoming drill program at its James Bay Niobium Project (the “Project”), in addition to announce the closing of a financing. EXPLORATION PROGRAMFollowing the signature of a Protection Agreement with Moose Cree First Nation (NioBay press release dated December 24th, 2019), NioBay is pleased to announce that major contracts have been awarded and that the drilling campaign (the “Program”) will began on the first week of February 2020. The Program consists of seven drillholes (approximately 3,400 meters) and i) will test a high-grade zone laterally and at depth, ii) will provide material for metallurgical testing, and iii) will gather geotechnical information. The Program will last approximately six weeks, and assays results will be published as they become available. An updated resource estimate of the Project’s niobium deposit will follow, and subsequently, NioBay will begin a Preliminary Economic Assessment (“PEA”). FINANCINGNioBay is pleased to announce the closing of a non-brokered private placement (the “Offering”) pursuant to which the Company has issued 328,571 units (the “Units”) at a price of $0.35 per Unit for proceeds of $115,000, each Unit being comprised of one (1) share and one half (1/2) share purchase warrant, each full warrant entitling its holder to subscribe for one (1) share at a price of $0.45 per share during a 24-month period. The Units will be subject to resale restrictions for a period of four months and one day from the closing date of the Offering under applicable securities legislation. Following completion of the Offering, the Company has 52,254,580 common shares issued and outstanding. The Offering was made under the prospectus exemptions of applicable securities legislation and is subject to the final consent of the TSX Venture Exchange. APPOINTMENT OF CORPORATE SECRETARYThe Company is pleased to announce the appointment of Mr. Marc Pothier as corporate secretary of the Company following the resignation of Ms. Carole Plante. Mr. Pothier received a law degree in 1988 from the University of Montréal and is a member of the Québec Bar. He has over 20 years of experience in the mining sector acting mainly as legal counsel for various publicly traded companies ...