Niobay Metals Inc. said that it has completed a non-brokered private placement of 814,075 flow-through shares at a price of $0.27 per FT Share and 2,890,909 common shares at a price of $0.22 per share for total proceeds of $855,800. Company informed that the proceeds will be used primarily to fund exploration and development costs of the Company’s mineral projects and for general corporate purposes. The common shares issued under the Offering are subject to a hold period expiring on April 23, 2018.
The Offering was made under the prospectus exemptions under applicable securities legislation and is subject to the final acceptance of the TSX Venture Exchange. Following completion of the Offering, the Company has 36,690,111 common shares issued and outstanding. The Board also announces the resignation of Jean Rainville as director of the Company, for professional reasons. Company has filed a National Instrument 43-101 Technical Report supporting the mineral resource for the James Bay Niobium Project in Ontario.
NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium property in Ontario, Canada. In addition NioBay holds an option to acquire an interest of up to 65% in the La Peltrie gold project in northern Quebec, a 46.9% direct participation in certain mineral titles located in the Chibougamau region, Quebec, under a joint venture agreement with SOQUEM, and a 72.5% interest in the Crevier niobium and tantalum project, located in Quebec.