MONTRÉAL, Nov. 28, 2024 (GLOBE NEWSWIRE) -- NioBay Metals Inc. ("NioBay” or the "Company”) (TSX-V: NBY) (OTCQB: NBYCF) is pleased to announce the appointment of Ms. Josianne Beaudry to the Board of Directors of the Company. Ms. Beaudry is a partner at Lavery, de Billy, L.L.P. and a member of their Business law group. Her practice is primarily focused on securities law, investment funds and mining law. She assists clients carrying out public and private financings, corporate reorganizations, as well as mergers and acquisitions.
Ms. Beaudry is also a director of the Association de l'exploration minière du Québec, a member of the Corporate Finance Advisory Committee of the Autorité des marches financiers as well as a member of the Québec Local Advisory Committee of the TSX Venture Exchange. Ms. Beaudry has been a member of the Barreau du Québec since 2000.
In addition, the Company has approved the grant of 150,000 incentive stock options to Ms. Beaudry. One third of such stock options will vest immediately and the remaining stock options are subject to a two year vesting period. They have a seven-year term at an exercise price of $0.065. The stock options have been granted pursuant to the Company's Stock Option Plan and are subject to applicable securities laws and TSX Venture Exchange policies.
Private Placement
The Company is also pleased to announce the closing of a second (and final) tranche of the private placement announced on November 25, 2024 (the "Offering”). In connection with this second tranche, the Company raised proceeds of approximately $50,000 from the sale of 588,230 Quebec-eligible flow-through units of the Company (each, a "Québec FT Unit”) at a price of $0.085 per Quebec FT Unit.
Each Québec FT Unit consists of one common share of the Company issued as a "flow-through share” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec) and one half of one common share purchase warrant (each whole warrant, a "Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.13 at any time for a period of 24 months.
All securities issued under this second tranche are subject to a hold period under applicable securities laws, which will expire on March 28, 2025. No finder's fee was paid in connection with this second tranche, which was dealt at arm's length.
The Company will use the proceeds from the Offering for exploration of critical minerals in Québec. In the aggregate, the Company has issued 4,129,406 Québec FT Units in connection with the Offering ($351,000).
The Offering remains subject to the final approval of the TSX Venture Exchange. The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About NioBay Metals Inc.
NioBay aims to become a leader in the development of mine(s) with low carbon consumption and responsible water and wildlife management practices while prioritizing the environment, social responsibility, good governance, and the inclusion of all stakeholders. Our top priority, which is critical to our success, is the consent and full participation of the Indigenous communities in whose territories and/or on ancestral lands we operate.
In addition to others properties, NioBay holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, in the Moose Cree Traditional Territory of the James Bay Lowlands in Ontario. NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project located in Québec and on the Nitassinan territory of the Pekuakamiulnuatsh First Nation. The Company has also the option to acquire a 80% interest in the Foothills project, a titanium-phosphate project located near the former St-Urbain mine site in Quebec.
About Niobium
Niobium is a naturally occurring element. It is a metal that is ductile, malleable and highly resistant to corrosion. Because it enhances properties and functionalities, niobium is used in a wide range of materials and applications in the Mobility, Structural and Energy sectors. Niobium transforms materials. When added to materials like steel, glass and aluminum castings, niobium makes them more efficient and lowers environmental impacts, while also delivering other benefits such as better performance, improved safety and increased value.
About Titanium
Titanium (Ti) is as strong as steel, but much less dense. It is therefore important as an alloying agent with many metals, including aluminum, molybdenum and iron. These alloys are mainly used in aircraft and spacecraft because of their low density and ability to withstand extreme temperatures. They are also used in sports equipment, laptops, bicycles and medical prostheses. Recently, this metal has been used in some battery components.
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION, CONTACT:
| NioBay Metals Inc. Jean-Sebastien David, geo. President & Chief Executive Officer Tel.: 514 866-6500 | Kimberly Darlington Investor Relations Tel: 514-771-3398 |
