CENTENNIAL, Colo., March 9, 2020 /CNW/ -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX: NB; OTCQX: NIOBF) is pleased to announce Lind Asset Management IV, LCC, an investment fund managed by The Lind Partners ("Lind"), has released the last of its security interests in assets associated with NioCorp's proposed Elk Creek Superalloy Materials Project (the "Project").
Lind recently released liens that had been placed on NioCorp's Nebraska land interests as part of $11 million in debt financing it provided to NioCorp. NioCorp retired the remaining principal due under the Lind financing in October 2019, and the Company is currently focused on securing project finance sufficient to move the Project to construction and eventual commercial operation.
"While release of such liens is a standard practice when debt instruments are retired, this security release further de-risks the Elk Creek Project, which in turn supports our project financing efforts," said Mark A. Smith, Chairman and CEO of NioCorp. "We thank Lind Partners once again for their investment in and commitment to NioCorp and our Elk Creek Project."
NioCorp is developing a superalloy materials project in Southeast Nebraska that will produce Niobium, Scandium, and Titanium. Niobium is used to produce superalloys as well as High Strength, Low Alloy ("HSLA") steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a superalloy material that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium also is a critical component of advanced solid oxide fuel cells. Titanium is used in various superalloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor and medical implants.
Certain statements contained in this document may constitute forward-looking statements, including statements regarding the Company's expectation that it will secure project financing necessary to move the Project to construction and operation. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp's plans or prospects to change include risks related to the Company's ability to operate as a going concern; risks related to the Company's requirement of significant additional capital; changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes in economic valuations of the Project, such as Net Present Value calculations, changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business and the risks set forth in the Company's filings with Canadian securities regulators at www.sedar.com and the SEC at www.sec.gov. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.