TORONTO, Aug. 14, 2024 /CNW/ - Electric Elements Mining Corp. ("Electric Elements") announces that it acquired ownership of and control over 4,615,400 common shares (the "Subject Shares") of Niobay Metals Inc. (the "Company" or "Niobay") on August 7, 2024 through Omega ATS, a registered alternative trading system (the "Acquisition"), representing approximately 4.5% of the estimated 103.1 million issued and outstanding common shares of Niobay, estimated as of the date hereof based on publicly available information. The aggregate consideration paid for the Acquisition was $253,847, or $0.055 per Subject Share.
Prior to the Acquisition, Electric Elements did not hold any common shares of Niobay. Osisko Development Corp. ("ODV"), which holds an equity interest in Electric Elements and, as such, is considered an associate of, and may be considered to be a joint actor of, Electric Elements for the purposes of applicable securities laws, indirectly held, through its wholly-owned subsidiary Barkerville Gold Mines Ltd. ("BGM"), 9,857,143 common shares of Niobay, representing approximately 9.6% of the estimated 103.1 million issued and outstanding common shares of Niobay. ODV's indirect ownership of Subject Shares (held by BGM) represents a position of securities that were transferred in connection with a transaction that occurred in 2020 as described in an early warning report dated November 27, 2020.
Immediately following the Acquisition, the combined ownership of Electric Elements and ODV in Niobay increased to an aggregate of 14,472,400 common shares, representing approximately 14.0% of the estimated 103.1 million issued and outstanding common shares of Niobay as of the date hereof.
Among other things, Electric Elements and ODV intend to work proactively with management and the board of directors of Niobay to devise a pathway to unlocking value in its James Bay Niobium Project.
Electric Elements' head office is located at 100 King Street West, Suite 3400, 1 First Canadian Place, Toronto, ON M5X 1A4. Niobay's head office is located at 1100 Av. des Canadiens-de-Montreal, Suite 300, Montreal, QC H3B 2S2.
Additional Information
A copy of the Early Warning Report filed in connection with the matters set forth above will appear on the Company's profile on SEDAR+ at and may also be obtained by calling Laurence Farmer at +1 514-607-6045.
SOURCE Electric Elements Mining Corp.