Mr. Jean-Sebastien David reports
NIOBAY ANNOUNCES CLOSING OF A PRIVATE PLACEMENT
Niobay Metals Inc. has closed a private placement. Under the offering, the company raised proceeds of $981,550 from the sale of 14,022,142 Quebec-eligible flow-through units of the company at a price of seven cents per Quebec FT unit.
Each Quebec FT unit consists of one common share of the company issued as a flow-through share within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec), and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of 12 cents at any time on or before July 27, 2026.
The company paid $65,033 in cash and issued 929,049 warrants to a finder in connection with the closing of the offering. Each finder's warrant will entitle the holder to purchase one common share at a price of seven cents for a period of 24 months following closing date.
Jean-Sebastien David, president and chief executive officer, commented: "Thank you to all the new shareholders. These funds will be used for the upcoming drilling program on our very promising Foothills project. The program will be executed on private land owned by Seminaire de Quebec."
All securities issued pursuant to the offering are subject to a hold period under applicable securities laws, which will expire on Nov. 27, 2024.
The offering remains subject to the final approval of the TSX Venture Exchange.
About Niobay Metals Inc.
Niobay aims to become a leader in the development of mine(s) with low carbon consumption, and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance and the inclusion of all stakeholders. The company's top priority, which is critical to its success, is the consent and full participation of the indigenous communities in whose territories and/or on ancestral lands the company operates.
In addition to other properties, Niobay holds a 100-per-cent interest in the James Bay niobium project located 45 kilometres south of Moosonee in the Moose Cree traditional territory of the James Bay Lowlands in Ontario. Niobay also holds a 72.5-per-cent interest in the Crevier niobium and tantalum project located in Quebec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation. The company has also the option to acquire an 80-per-cent interest in the Foothills project, a titanium-phosphate project located near the former St-Urbain mine site in Quebec.
About niobium
Niobium is a naturally occurring element. It is a metal that is ductile, malleable and highly resistant to corrosion. Because it enhances properties and functionalities, niobium is used in a wide range of materials and applications in the mobility, structural and energy sectors. Niobium transforms materials. When added to materials like steel, glass and aluminum castings, niobium makes them more efficient and lowers environmental impacts, while also delivering other benefits such as better performance, improved safety and increased value.
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