Closed the first tranche of the upsized placement, C$1.84 million (2,917,587 units at C$0.63).
What it means for a shareholder
2.9m new shares at C$0.630 to raise about C$1.8m. That's 1.3% dilution: every existing holder's slice gets 1.3% smaller. If you held C$1,000 of shares (1,587 at the issue price), your slice goes from 0.000738% to 0.000729% of the company. To keep it you'd need 22 more shares - about C$14 at the issue price.
Funded the new Lind agreement, issuing just over 1 million warrants at C$0.77 -- a modestly higher strike than recent Lind warrants, suggesting some share-price stabilization.
Signed a brand-new convertible security funding agreement with Lind Partners (superseding the fully-drawn December 2015 facility): a $1.0 million advance for an $1.2 million face convertible security at 10% implied interest -- a second-generation version of the same financing relationship.
Drew $1.5 million of a new $2.5 million 'Second Tranche Increase' on the Lind facility, issuing 1.5 million more warrants -- a fresh expansion of the note just as the original facility was nearly exhausted.
Converted roughly $1.15 million more Lind note principal across four separate conversions in six weeks, at the lowest prices yet (down to C$0.36-0.44/share) -- a clear sign of share-price weakness heading into 2018.
1 Aug 2017capital raising announcement● NeutralMajor
Converted $500,000 more Lind note principal, and closed a brokered private placement via Mackie Research Capital Corporation for C$1.93 million (2,962,500 units at C$0.65, 6.5% commission) -- its first use of an outside placement agent.
18 May 2017capital raising announcement▲ GoodMajor
Moved beyond non-brokered placements for the first time, entering an underwritten 'bought deal' for 3,077,000 units at C$0.65 (C$2.0 million gross, plus a 15% over-allotment option) -- a more institutional financing channel than its prior private placements and Lind draws.
What it means for a shareholder
3.1m new shares at C$0.650 to raise about C$2.0m. That's 1.5% dilution: every existing holder's slice gets 1.5% smaller. If you held C$1,000 of shares (1,538 at the issue price), your slice goes from 0.000784% to 0.000772% of the company. To keep it you'd need 24 more shares - about C$16 at the issue price.
Closed the second and final tranche of the private placement, C$2.45 million more (3,503,989 units at C$0.70) -- bringing the total raise to about C$5.15 million and pushing shares outstanding to 195.4 million.
What it means for a shareholder
3.5m new shares at C$0.700 to raise about C$2.5m. That's 1.8% dilution: every existing holder's slice gets 1.8% smaller. If you held C$1,000 of shares (1,429 at the issue price), your slice goes from 0.000767% to 0.000752% of the company. To keep it you'd need 27 more shares - about C$19 at the issue price.
Converted $1.025 million more of Lind Partners note principal into shares, and closed the first tranche of the upsized private placement for C$2.7 million (3,860,800 units at C$0.70) -- also disclosing that a new 'Convertible Security Increase' to the Lind facility converts at 85% of the 5-day VWAP, a steep discount.
NioCorp drew $175,000 from a credit line provided personally by its CEO, Mark Smith - a recurring source of stopgap funding at this stage of the company's life.
NioCorp disclosed it had only two to three months of cash on hand and would need to raise $4-6 million within the year to keep funding the Elk Creek Project - a going-concern-level liquidity warning.
Converted $550,000 of principal on its December 2015 Lind Partners convertible note into shares at falling prices (C$0.68 then C$0.61), and separately raised about C$1.96 million from private investors exercising outstanding warrants at C$0.65 -- the first Lind Partners and warrant-exercise activity captured in this company's story.
NioCorp filed its annual mineral-resource disclosure (Annual Information Form) for the Elk Creek niobium-scandium-titanium project in Nebraska, its standard yearly regulatory update.
