Augyva Mining Resources Inc. Announces Financing Proposal to Niocan Inc. for an Amount of CAD4 Million

Augyva Mining Resources Inc. announced that it has submitted to Niocan Inc. a financing proposal whereby Augyva proposes to subscribe for 3,478,260 units (the Units) of Niocan at a price per Unit of CAD1.15, for aggregate gross proceeds to Niocan of CAD4,000,000, the whole by way of a private placement financing (the Proposed Private Placement). Under the terms of the Proposed Private Placement, each Unit would consist of one common share in the capital of Niocan (a Common Share) and one-half of one common share purchase warrant (each whole warrant being a Warrant). Each Warrant would entitle Augyva to purchase one additional Common Share at an exercise price of CAD1.20 per share for an initial period of 12 months from the closing of the Proposed Financing and thereafter at an exercise price of CAD1.25 per share for an additional period of 12 months, for a total period of 24 months. The Proposed Private Placement is be subject to very few conditions. These conditions include the negotiation of a definitive subscription agreement and the entitlement to Augyva, as of the date of closing of the Proposed Private Placement, to have three seats out of the four seats on the Board of Directors of Niocan. The closing of the Proposed Private Placement is not subject to any due diligence investigation by Augyva.