MONTREAL, Dec. 18, 2025 (GLOBE NEWSWIRE) -- NioBay Metals Inc. (TSXV:NBY) ("NioBay" or the "Corporation"), is pleased to announce the closing of its previously announced "best efforts" private placement (the "Brokered Offering") for aggregate gross proceeds of C$8,497,990.20, which includes the exercise of the agent's option. The Brokered Offering is comprised of the sale of (i) 12,277,430 units of the Corporation (each, a "Unit") at a price of C$0.14 per Unit (the "Unit Price"), (ii) 28,306,250 flow-through units of the Corporation (each, a "FT Unit") at a price of C$0.16 per FT Unit, and (iii) 10,715,000 flow-through units of the Corporation sold to charitable purchasers (each, a "Charity FT Unit") at a price of C$0.21 per Charity FT Unit. Red Cloud Securities Inc. ("Red Cloud") acted as sole agent and bookrunner in connection with the Brokered Offering. Concurrent to the Brokered Offering, the Company has closed a non-brokered private placement of 2,296,250 FT Units at a price of C$0.16 per FT Unit, for gross proceeds of C$367,400 (the "Concurrent Private Placement" and together with the Brokered Offering, the "Offering").
Each Unit consists of one common share of the Corporation (a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit and Charity FT Unit consists of one common share of the Corporation and one Warrant, each of which is issued as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each respectively, a "FT Share" and a "FT Warrant"). Each Warrant and each FT Warrant entitle the holder to purchase one common share of the Corporation (each, a "Warrant Share") at a price of C$0.20 at any time on or before December 18, 2028.
The Corporation intends to use the gross proceeds from the FT unit and Charity FT Unit placement for the exploration and advancement of the Corporation's James Bay Niobium Project located in Ontario and the net proceeds from the Unit placement for working capital and general corporate purposes, as is more fully described in the Amended Offering Document (as herein defined).
The gross proceeds from the sale of FT Units and Charity FT Units will be used by the Corporation to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as both terms are defined in the Income Tax Act (Canada) and, if renounced to a Subscriber who is a "qualifying individual" within the meaning of Taxation Act 2007 (Ontario), as an "eligible Ontario critical mineral exploration expenditure," as ...
