MONTREAL, QUEBEC--(Marketwired - Dec. 22, 2017) - Niobay Metals Inc. (the "Company") (TSX VENTURE:NBY) is pleased to announce that it has completed a non-brokered private placement of 814,075 flow-through shares ("FT 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 (the "Offering").
The proceeds will be used primarily to fund exploration and development costs of the Company's mineral projects and for general corporate purposes. More specifically, the proceeds of the sale of the FT Shares will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2017.
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.
Resignation of a Director
The Board also announces the resignation of Mr. Jean Rainville as director of the Company, for professional reasons. The Board would like to thank Mr. Rainville for his services to the Company and wish him much success in his other projects.
Filing of Technical Report
The Company is also pleased to report that the Company has filed a National Instrument 43-101 ("NI 43-101") Technical Report supporting the mineral resource for the James Bay Niobium Project in Ontario, reported in the Company`s news release dated November 16, 2017.
The NI 43-101 Technical Report was prepared by Dorota El Rassi, P.Eng. and Paul Chamois, P.Geo. of Roscoe Postle Associates Inc., both being considered as independent "Qualified Person" as that term is defined in NI 43-101. The NI 43-101 Technical Report may be found on the Company's website at www.niobaymetals.com or under the Company's profile at www.sedar.com.
About Niobay Metals Inc.
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.
