NioCorp announces closing of financing agreement

NioCorp Developments has closed a private placement of $8,000,000 aggregate principal amount of unsecured notes of NioCorp. Pursuant to the terms of the Notes, subject to certain exceptions, on the first day of each calendar month, beginning on June 1, 2024, the Company will be required to repay a portion of the outstanding balance of all of the Notes, on a pro-rata basis, in an amount equal to the sum of $1,400,000 of principal in the aggregate among all of the outstanding Notes, plus 8.0% of the principal amount being paid, and accrued and unpaid interest, if any, as of the Payment Date. The Company is required to make payments on each Payment Date until the entire outstanding principal is repaid, but will not have an obligation to make a payment on a Payment Date if the Equity Conditions are satisfied. At the Closing, NioCorp issued to the Purchasers, in proportion to the aggregate principal amount of Notes issued to each Purchaser, warrants to purchase up to 615,385 common shares, without par value, of NioCorp, which is equal to 25% of the aggregate principal amount of Notes issued to the Purchasers divided by $3.25, subject to any adjustment to give effect to any stock dividend, stock split or recapitalization. NioCorp intends to use the proceeds from the Private Placement for general working capital purposes, including for accounts payable, other payables and operating expenses, and to satisfy the fees and expenses incurred in connection with the Private Placement.