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Niocan amends its $1.65 Million Secured Debenture to benefit from a $320,000 cash injection to sustain its operations and extends the maturity date
(via TheNewswire) Montreal, Quebec / TheNewswire / October 30, 2017 -- Niocan Inc....
About this update from Nio Strategic Metals Inc
[{"type":"text","content":"Niocan amends its $1.65 Million Secured Debenture to benefit from a $320,000 cash injection to sustain its operations and extends the maturity date(via TheNewswire)\n\n \nMontreal, Quebec / TheNewswire / October 30, 2017 -- Niocan Inc. (\"Niocan\" or the \"Company\") (TSX-V-NIO) announces that it has amended its $1.65 million secured non-convertible debenture with Nio-Metals Holdings LLC (\"Nio-Metals\") dated February 19, 2013 to benefit from a $320,000 cash injection (the \"Cash Injection\") to sustain its operations (the \"Amended Secured Debenture\") and has extended the maturity date from October 30, 2017 to April 30, 2018, subject to no other condition. Except for the Cash Injection and the maturity date, the other material terms and conditions of the Amended Secured Debenture have remained the same. \n\n\n \nNo other accessory agreement was entered into with Nio-Metals or other associated entities of Nio-Metals in connection with the Amended Secured Debenture.\n\n\n \nThe Amended Secured Debenture was approved by all the members of the Board of directors, except for the nominee of Nio-Metals given its interest in the matter, as the members considered it in the best interest of the Company. \n\n\n \nRelated Party Disclosure\n\n\n \nPursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), the Amended Secured Debenture constitutes a \"related party transaction\" as Nio-Metals (the \"Related Party\") currently holds 49.4% of the issued and outstanding common shares of the Company.\n\n\n \nThe Company is exempt from the formal valuation requirement of MI 61-101 in connection with this amendment in reliance on section 5.5(b) of MI 61-101, as no securities of the Company are listed or quoted for trading on the the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc. \n\n \n \nAdditionally, the Company is exempt from obtaining minority approval in connection with the Amended Secured Debenture in reliance on section 5.7.1(e) of MI 61-101 as Niocan is in financial difficulty, the cash injection i...