NioCorp Announces Closing of Financing Agreement

CENTENNIAL, CO / ACCESSWIRE / April 12, 2024 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (Nasdaq:NB)(TSX:NB) today announced that it has closed (the "Closing") a private placement (the "Private Placement") of US$8,000,000 aggregate principal amount of unsecured notes of NioCorp (the "Notes"). Pursuant to the terms of the Notes, subject to certain exceptions as described below, on the first day of each calendar month, beginning on June 1, 2024 (excluding August 2024) (the "Payment Date"), the Company will be required to repay a portion of the outstanding balance of all of the Notes, on a pro-rata basis, in an amount equal to the sum of (i) US$1,400,000 of principal (or the outstanding principal if less than such amount) in the aggregate among all of the outstanding Notes, plus (ii) 8.0% of the principal amount being paid (the "Payment Premium"), and (iii) accrued and unpaid interest, if any, as of the Payment Date. The Company is required to make payments on each Payment Date until the entire outstanding principal is repaid, but will not have an obligation to make a payment on a Payment Date if the Equity Conditions (as defined below) are satisfied.

At the Closing, NioCorp issued to the Purchasers (as defined below), in proportion to the aggregate principal amount of Notes issued to each Purchaser, warrants (the "Warrants" and together with the Notes, the "Securities") to purchase up to 615,385 common shares (the "Warrant Shares"), without par value, of NioCorp ("Common Shares"), which is equal to 25% of the aggregate principal amount of Notes issued to the Purchasers divided by US$3.25 (the "Exercise Price"), subject to any adjustment to give effect to any stock dividend, stock split or recapitalization.

The Securities were issued and sold to certain purchasers (the "Purchasers"), including YA II PN, Ltd. ("Yorkville"), an investment fund managed by Yorkville Advisors Global, LP, pursuant to a Securities Purchase Agreement, dated April 11, 2024 (the "Purchase Agreement"), by and between NioCorp and each of the Purchasers. Pursuant to the Purchase Agreement, the Purchasers advanced an aggregate of US$6,960,000 to NioCorp in consideration of the issuance by NioCorp to the Purchasers of US$8,000,000 aggregate principal amount of Notes and the Warrants at the time of Closing.