SPAC GX Acquisition II to merge with minerals miner NioCorp. (NASDAQ:GXII)

SPAC GX Acquisition Corp. II (NASDAQ:GXII) plans to merge with minerals miner NioCorp Developments (OTCQX:NIOBF) by means of a deal that values the mixed firm at an enterprise worth of $314M.

The deal is anticipated to shut in Q1 2023, topic to regulatory and shareholder approval. NioCorp’s shares will proceed to commerce on the Toronto Inventory Alternate post-merger and are anticipated to be listed on Nasdaq.

Shares of NioCorp are presently traded OTC within the US, not too long ago altering palms at $0.87, up 11% from Friday’s shut, at roughly 2:05 p.m. ET.

The businesses mentioned the transaction might generate web money of as much as $285M for the mixed firm, assuming no redemptions.

Primarily based in Colorado, NioCorp is concentrated on growing a vital minerals mining operation in Nebraska known as the Elk Creek Venture. The corporate expects the mission to generate metals similar to nobium, scandium and titanium.

NioCorp additionally introduced Monday that it has signed letters of intent with Yorkville Advisors International for 2 financing packages that may give the corporate entry of as much as $81M to assist fund the Elk Creek Venture.