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Niocorp increases Lind facility by $1mln

Wednesday, February 22, 2017 12:43
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(Before It's News)

NioCorp Developments Ltd (CVE:NB) has asked Lind Asset Management, with whom it has an existing convertible security facility, to increase the convertible security by $1mln.

NioCorp is entitled to demand the convertible security increase under the terms of the agreement which dates back to Dec. 2015.

The convertible security increase funds are required to be delivered by Lind to the company on or before March 30, will have a term of two years and bear prepaid interest at a rate of 10% per year.

In connection with the convertible security increase, the company is obligated to issue Lind common share purchase warrants of the company.

The warrants will have a term of 36 months from issuance, and the number of warrants to be issued will be equal to $1.0mln divided by the volume-weighted average price of the company’s common shares on the Toronto Stock Exchange for the five consecutive trading days immediately before the convertible security increase financing is received, multiplied by 0.5.

The exercise price of the warrants issuable in connection with the convertible security increase will be equal to 120% of the company’s five-trading-day volume-weighted average price per share immediately prior to the date the convertible security increase financing is received.

NioCorp shares were up 3.8% at C$0.82 on Wednesday.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173560/niocorp-increases-lind-facility-by-1mln-173560.html

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