Business
Niocan Announces Completion of Private Placement
(TheNewswire) Montreal, Québec – TheNewswire - October 18...
About this update from Nio Strategic Metals Inc
[{"type":"text","content":"Niocan Announces Completion of Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n Montreal, Québec –\n \n \n TheNewswire -\n \n \n October\n \n \n 18\n \n \n ,\n2021\n \n \n – Niocan Inc. (TSXV:NIO) (OTC:NIOCF)\n(“\n \n \n Niocan\n \n \n ” or the “\n \n \n Company\n \n \n ”) is pleased to announce that\n \n \n it has completed its previously announced\nprivate placement (the “\n \n \n Offering\n \n \n ”) of units (the “\n \n \n Units\n \n \n ”) through\nPalos Wealth Management Inc. (the “\n \n \n Agent\n \n \n ”). Pursuant\nto the Offering, Niocan has issued an aggregate of\n25,915,000\n \n \n Units at a price of C$0.10 per Unit\nfor gross proceeds of C$2,591,500.\n \n \n \n \n Each Unit\n \n \n consists of one common\nshare of the Company (each a “\n \n \n Common Share\n \n \n ”) and one-half of one Common\nShare purchase warrant (each full warrant, a “\n \n \n Warrant\n \n \n ”). Each\nWarrant is exercisable to acquire one Common Share until\n \n \n October 15, 2023\n \n \n at an exercise price\nof C$0.12.\n \n \n \n \n The net proceeds of the Offering will be used for\ngeneral corporate purposes.\n \n \n \n \n In connection with the Offering, the Agent received a\ncash commission equal to C$161,800, plus non-transferable broker\nwarrants allowing for the purchase of 1,011,250 Common Shares until\nOctober 15, 2023 at an exercise price of C$0.15 per Common Share.\n \n \n \n \n \n \n All Common Shares and Warrants issued pursuant to the\nOffering are subject to a four-month hold period under applicable\nsecurities laws in Canada.\n \n \n \n \n Insiders of the Company subscribed for an aggregate of\n700,000 Units under the Offering. Each transaction with an insider of\nthe Company constitutes a “related party transaction” within the\nmeaning of Multilateral Instrument 61-101 –\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“\n \n \n MI 61-101\n \n \n ”). The\nCompany is relying on exemptions from the formal valuation\nrequirements of MI 61-101 pursuant to section 5.5(a) of the Instrument\nand the minority shareholder approval requirements of MI 61-101\npursuant to section 5.7(1)(a) of the Instrument in respect of such\ninsider ...