NioCorpDevelopments Ltd. raised about C$4.8 million in gross proceeds fromits recently completed warrant incentive program.
The proceeds from the program are expected to help the companycomplete its Elk Creek Superalloy Materials Feasibility Study, the company saidJuly 11.
During the incentive period, about 7.4 million 65 Canadian centshare purchase warrants expiring Nov. 10 were exercised, representing about 50%of the warrants outstanding and nearly 70% of warrant holders eligible toparticipate. Each holder who exercised one warrant during the program received1.11029 common shares, representing one warrant share and 0.11029 of a commonshare, as the incentive portion.
The company also received more than C$2 million in grossproceeds from other warrant and stock option exercises since Jan. 1.
Further, the company said about 7.6 million of the 65 Canadiancent warrants remain outstanding and can be exercised before the expiry date,representing an estimated C$4.9 million in additional potential gross proceedsto the company.