The deal is expected to close in Q1 2023, subject to regulatory and shareholder approval. NioCorp's shares will continue to trade on the Toronto Stock Exchange post-merger and are expected to be listed on Nasdaq.
Shares of NioCorp are currently traded OTC in the US, recently changing hands at $0.87, up 11% from Friday's close, at approximately 2:05 p.m. ET.
The companies said the transaction could generate net cash of up to $285M for the combined company, assuming no redemptions.
Based in Colorado, NioCorp is focused on developing a critical minerals mining operation in Nebraska called the Elk Creek Project. The company expects the project to generate metals such as niobium, scandium and titanium.
NioCorp also announced Monday that it has signed letters of intent with Yorkville Advisors Global for two financing packages that would give the company access of up to $81M to help fund the Elk Creek Project.