Niobay Metals Inc. announced a private placement to issue Quebec-eligible flow-through units at an issue price of CAD 0.07 on April 30, 2024.

On the same date, the company announced that it has issued 4,457,215 Quebec flow-through units at an issue price of CAD 0.07 per unit for the gross proceeds of CAD 312,005.05 in the first tranche. Each Québec FT Unit consists of one common share and one half of one common share purchase warrant. Each whole Warrant entitles the holder to purchase one Common Share at a price of CAD 0.12 at any time on or before April 30, 2026. All securities issued pursuant to the Offering are subject to a hold period under applicable securities laws, which will expire on August 31, 2024. The Offering remains subject to the final approval of the TSX Venture Exchange. The Company paid CAD 18,000 in cash and issued 257,143 warrants to a finder in connection with the closing of the Offering. Each Finder?s Warrant will entitle the holder to purchase one common share at a price of CAD 0.07 for a period of 24 months following closing date.