(TheNewswire)
Montreal, Québec – TheNewswire - March 1, 2022 – Niocan Inc. (TSXV:NIO) (OTC:NIOCF) (“ Niocan ” or the“ Company ”) announces that it has closed its previously announced conversion of$3.6 million of debt into equity (the"Conversion"). The Conversion will result in immediate interest cost savingsand will place the Company in a much stronger financial position forthe benefit of all shareholders.
Pursuant to the terms of the agreement entered intobetween the Company and Nio-Metals Holdings LLC (“ Nio-Metals ”), oneof its principal shareholders, $3,573,521 in principal and accruedinterest owing under the terms of a secured debenture initially issuedby the Company to Nio-Metals on February 19, 2013 has been convertedinto an aggregate of 23,823,470 common shares of the Company (the“ RepaymentShares ”) at an issue price of $0.15 per sharein full repayment thereof. Moreover, the maturity date of a loanmade to the Company by Nio-Metals on March 17, 2021, in the principalamount of $500,000 has been extended from March 17, 2023 to March 17,2024. This transaction will enable the Company to preserve its cashfor use on its current and future projects and for working ? capital .
The Repayment Shares are subject to a four-month hold ? period under Canadian securitieslaws. ?
Hubert Marleau, Chairman and CEO, stated "Agreeingto this transaction is another tremendous vote of confidence byNio-Metals, our largest and oldest investor. Niocan is in a much stronger financial position, and I am very pleasedto report that we now have just $540,000 in long-termdebt."
About Niocan
Niocan is an exploration and development company, witha focus on sourcing strategic metals and minerals essential toadvancing modern life and national security in beneficiallyenvironmental, social and ethical manner. The Company holds a niobiumproperty in Oka, Québec and other exploration properties in theProvince of Québec. Niocan’s Oka mining property consists of miningrights comprised of 49 claims covering 2,281 acres and its GreatWhale property consists of surface and mining rights covering 24,944acres on the Hudson Bay territory.
For more information on the Company, please refer tothe Company’s public documents available on SEDAR ( www.sedar.com ) and onNiocan’s website ( www.niocan.com ).
For more information, please contact:
Hubert Marleau
Chairman, President and Chief Executive Officer
niocan.investorinformation@gmail.com
514-560-7623
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this press release.
Cautionary Statement onForward-Looking Information
This news release containsforward-looking statements and forward-looking information (together,“forward looking statements”) within the meaning of applicableCanadian securities laws. Statements, other than statements ofhistorical facts, may be forward-looking statements. Generally,forward-looking statements can be identified by the use of terminologysuch as “plans”, “expects”, “estimates”, “intends”,“anticipates”, “believes” or variations of such words, orstatements that certain actions, events or results “may”,“could”, “would”, “might”, “will be taken”,“occur” or “be achieved”, the negative of these terms and similar terminology although notall forward-looking statement contains these terms and phrases.Forward-looking statements involve risks, uncertainties and otherfactors that could cause actual results, performance, prospects andopportunities to differ materially from those expressed or implied bysuch forward-looking statements. These risks and uncertaintiesinclude, but are not limited to, the risk factors set out inNiocan’s annual and/or quarterly management discussion and analysisand in other of its public disclosure documents filed on SEDAR atwww.sedar.com, as well as all assumptions regarding the foregoing.Although Niocan believes that the assumptions and factors used inpreparing the forward-looking statements are reasonable, unduereliance should not be placed on these statements, which only apply asof the date of this news release, and no assurance can be given thatsuch events will occur in the disclosed time frame or at all. Exceptwhere required by applicable law, Niocan disclaims any intention orobligation to update or revise any forward-looking statement, whetheras a result of new information, future events or otherwise.
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