Niobay Metals Inc. (TSX.V: NBY) (the "Company") announces plans to complete a non-brokered private placement (the "Private Placement") of up to 1,176,471 flow-through shares at a price of C$0.85 per share for gross proceeds of $1,000,000 (the "Offering").
Closing of the Offering is subject to customary conditions, including receipt of all regulatory approvals, and is anticipated to occur by December 16, 2016. All flow-through shares issued as part of the offering will be subject to a four-month-and-one-day hold period.
The company intends to use the proceeds of the Offering to conduct exploration work on its Canadian properties, and to incur eligible Canadian exploration expenses that qualify as Canadian exploration expenses and flow-through expenditures for purposes of the Income Tax Act (Canada), and which will be renounced in favour of the holders with an effective date of no later than December 31, 2016.
In connection with the Offering, the Company may pay finder's fees to qualified finders in accordance with the policies of the TSXV.
About Niobay Metals Inc.
Niobay Metals Inc. is a mineral exploration company holding a 100% interest in the James Bay Niobium property in Ontario, Canada and a 72.5% interest in the Crevier niobium / tantalum project in Quebec, Canada. Niobay also holds interest in the Ikungu and Ikungu East gold properties in Tanzania.
Source: Niobay Metals
