NioCorp Developments said it expects to have access to as much as $71.9 million in net proceeds over the next three years following the completion of its merger with GX Acquisition II, as well as two separate financing deals with Yorkville Advisors Global.
NioCorp is developing a critical minerals project in Southeast Nebraska that will produce niobium, scandium, and titanium.
The transaction was approved yesterday by a vote of GXII shareholders. The SPAC saw 95% of its trust redeemed ahead of the vote, wiping out $289.6 million, according to an 8-K filing. At deal announcement last September, NioCorp was expected to have access to as much as $285 million in net cash.
The deal is expected to close tomorrow. NioCorp’s common shares are expected to begin trading March 21 on the Nasdaq under the ticker symbol NB. Read more.
