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NioCorp Developments brings in C$1.925mln to advance Elk Creek

Last updated: 01:46 27 Jul 2017 AEST, First published: 20:46 26 Jul 2017 AEST

NioCorp Developments brings in C$1.925mln to advance Elk Creek
Nebraska landscape

NioCorp Developments Ltd (TSE:NB) has brought in a total of  C$1,925,625 from its previously announced private placing.

It issued over 2.96mls units at 65 cents a throw and the proceeds will be used for general working capital purposes and to advance its Elk Creek superalloy materials project in Nebraska.

Each unit consisted  of one Niocorp share and one warrant.

Each warrant entitles the bearer to buy one Niocorp share for 79 cents at any time 48 months following the completion of the offering.

Niocorp's project in southeast Nebraska aims to  produce niobium, scandium and titanium. The company is valued at C$166.54mln.

The feasibility study slated a pre-tax net present value (NPV) of Elk Creek at US$2.3bn at an 8% discount rate, with an internal rate of return (IRR) of 24.3%.

The post-tax NPV was pitched at US$1.7bn, with an IRR of 21.7%.

With a projected life of mine (LOM) of 32 years, the gross LOM revenue was put at US$17.6bn, with an operating margin of US$12.2bn.

NioCorp shares in Toronto stand at 65 cents.

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