Toronto, August 14, 2024 – Electric Elements Mining Corp. (“Electric Elements”) has reported the acquisition of ownership and control over 4,615,400 common shares (the “Subject Shares”) of Niobay Metals Inc. (“Niobay”) on August 7, 2024, through Omega ATS, a registered alternative trading system. This acquisition represents approximately 4.5% of the estimated 103.1 million issued and outstanding common shares of Niobay. The total consideration paid for the Acquisition was $253,847, equivalent to $0.055 per Subject Share.
Prior to this transaction, Electric Elements had no previous holdings in Niobay. Osisko Development Corp. (“ODV”), an equity interest holder in Electric Elements, indirectly held 9,857,143 common shares of Niobay through its wholly-owned subsidiary Barkerville Gold Mines Ltd. (“BGM”), representing around 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 stemmed from a transaction in 2020, as outlined in an early warning report dated November 27, 2020.
Following the Acquisition, the combined ownership of Electric Elements and ODV in Niobay increased to a total of 14,472,400 common shares, representing approximately 14.0% of the estimated 103.1 million issued and outstanding common shares of Niobay.
Electric Elements and ODV plan to collaborate with Niobay’s management and board of directors to develop strategies to unlock value in its James Bay Niobium Project.
The head office of Electric Elements is situated at 100 King Street West, Suite 3400, 1 First Canadian Place, Toronto, ON M5X 1A4, while Niobay’s head office is located at 1100 Av. des Canadiens-de-Montreal, Suite 300, Montreal, QC H3B 2S2.
For further details, interested parties can access the Early Warning Report on SEDAR+ at www.sedarplus.ca or contact Laurence Farmer at +1 514-607-6045.
SOURCE Electric Elements Mining Corp.
