Business
Niocan Inc. Enters into a $500,000 Loan Agreement to Renew Great Whale Claims and Support Ongoing Financing
(TheNewswire) Montreal, Quebec – TheNewswire - March 22, 2021 ...
About this update from Nio Strategic Metals Inc
[{"type":"text","content":"Niocan Inc. Enters into a $500,000 Loan Agreement to Renew Great Whale Claims and Support Ongoing Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n Montreal, Quebec –\n \n \n TheNewswire -\n \n \n March 22, 2021\n \n \n —\nNiocan Inc.\n \n \n (“\n \n \n Niocan\n \n \n ” or the\n“\n \n \n Company\n \n \n ”) (TSXV:NIO) announces that\n \n \n it has\nentered into an agreement (the “\n \n \n Loan Agreement\n \n \n ”)\n \n \n with Nio-Metals Holdings LLC (“\n \n \n Nio-Metals\n \n \n ”) for an\n \n \n unsecured bridge loan\n \n \n facility of $500,000 (the “\n \n \n Loan\n \n \n ”). The purpose\nof the Loan is to allow Niocan to renew claims at its Great Whale iron\nproperty and to\n \n \n continue to work towards a\nsignificantly larger financing\n \n \n .\n \n \n \n \n Niocan\n \n \n is continuing discussions\nwith interested parties regarding potential financings to raise\nsufficient funds to obtain the required permits and authorization to\ndevelop its Oka property.\n \n \n \n \n Niocan’s management is also pursuing financing activities\nto continue exploration activities with respect to the Great Whale\niron property.\n \n \n \n \n According to Hubert Marleau, President and CEO of\nNiocan: “This loan from Nio-Metals provides us with the ongoing\nsupport we need regarding the Great Whale iron property while we press\nahead towards raising the additional capital required to obtain the\ncertificate of authorization and social acceptance regarding the Oka\nproperty. The Company looks forward to becoming a ferroniobium\nproducer as soon as possible, while investing towards its three\nmineral prospects (historical resources) of magnetite ore, located\nnear the Great Whale River.”\n \n \n \n \n The Loan has a 24-month term to maturity, bears\ninterest of 6% per annum payable quarterly, and is not convertible.\nThe Loan may be repaid at any time prior to maturity without\npenalty.\n \n \n \n \n The Loan Agreement was approved by all of the\nindependent members of the board of directors of Niocan, with the\nnominee of Nio-Metals having recused himself from the decision.\n \n \n \n \n Related Party Disclosure\n \n \n \n \n Pursuant to Multilateral Instrument 61-101 --\n \n \n Protection of Minority\nSecurity Holders in Special Transa...