Business
Niocan Announces an Offering of up to C$2.15 Million of Units
(TheNewswire) Montreal, Québec – TheNewswire - August 27, 202...
About this update from Nio Strategic Metals Inc
[{"type":"text","content":"Niocan Announces an Offering of up to C$2.15 Million of Units\n \n \n (TheNewswire)\n \n \n \n \n \n \n Montreal, Québec –\n \n \n TheNewswire -\n \n \n August 27, 2021\n \n \n –\nNiocan Inc. -\n \n \n (\n \n \n TSX-V: NIO)\n(“\n \n \n Niocan\n \n \n ” or the “\n \n \n Company\n \n \n ”) is pleased to announce that it has\nengaged Palos Wealth Management (the “\n \n \n Agent\n \n \n ”) in\nconnection with a best effort private placement of a minimum of\n \n \n 12,500,000 units (each, a “\n \n \n Unit\n \n \n ”) and a\n \n \n maximum of\n \n \n \n \n 21,500,000\n \n \n Units at a price of C$0.10 per Unit (the “\n \n \n Offering\n \n \n ”),\nrepresenting aggregate gross proceeds to Niocan of a minimum of C$1.25\nmillion and a maximum of C$2.15 million. Each Unit will consist of one\ncommon share of the Company (each a “\n \n \n Common Share\n \n \n ”) and\none-half of one Common Share purchase warrant (each full warrant,\na “\n \n \n Warrant\n \n \n ”). Each Warrant will be exercisable to acquire one Common\nShare for a period of 24 months following the date of its issuance at\nan exercise price of C$0.12.\n \n \n \n \n The Company has granted the Agent an option, on the\nsame terms and conditions as the Offering, exercisable at any time\nprior to the Closing Date, to sell up to an additional 4,300,000 Units\n(the “\n \n \n Agent’s\nOption\n \n \n ”). If the Agent’s Option is exercised\nin full, the aggregate gross proceeds of the Offering would be C$2.58\nmillion.\n \n \n \n \n In consideration of its services to Niocan, the Agent\nwill be entitled to receive a cash commission equal to 8% of the gross\nproceeds of the Offering plus broker warrants entitling it to purchase\nsuch number of Common Shares as is equal to 5% of the number of Units\nissued pursuant to the Offering, at a price of $0.15 per Common Share\nand for a period of two years following their issuance. The Agent is\nconsidered a non-arm’s length party to Niocan as Niocan’s\nChairman, President and Chief Executive Officer, Hubert Marleau, is\nthe co-founder and a director of Palos Capital, the parent company of\nthe Agent. Mr. Marleau has not participated in any discussions or\ndecisions regarding th...