Business Context and Reporting Period
This Form 8-K Current Report was filed by NioCorp Developments Ltd. on December 13, 2021. The company is incorporated in British Columbia, Canada, and is designated as an emerging growth company. The report primarily addresses a material definitive agreement regarding the extension of an existing credit facility.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or margin data. The specific financial metric disclosed relates to debt:
- Credit Facility: A non-revolving credit facility of $3.5 million (the "Smith Credit Facility").
- Lender: Mr. Mark A. Smith, the Company's Chief Executive Officer, President, and Executive Chairman.
- Original Maturity: Previously set prior to this amendment.
- New Maturity Date: Extended to June 30, 2022.
Material Changes
The material change reported is the execution of the Smith Credit Facility Extension Agreement on December 13, 2021. This agreement amends the original facility dated January 16, 2017 (which had been amended multiple times previously) solely to extend the maturity date to June 30, 2022. No other changes to the principal amount or terms were detailed in the summary text.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the inherent obligation of the extended debt. The document notes that the description of the agreement is qualified by reference to the full text of the Smith Credit Facility Extension Agreement filed as Exhibit 10.1.
Investor Verification Checklist
- Verify the full terms of the Smith Credit Facility Extension Agreement in Exhibit 10.1 to confirm interest rates, repayment schedules, and any covenants.
- Confirm the total outstanding principal balance of the $3.5 million facility as of the filing date.
- Review the company's liquidity position to assess its ability to repay the facility by the new June 30, 2022, maturity date.
- Check for any subsequent filings regarding further amendments or defaults on this facility.