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RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

Dec. 31, 2019

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS AND BALANCES

6.	RELATED PARTY TRANSACTIONS AND BALANCES

The Company has a loan with Mark Smith, President, Chief Executive Officer ("CEO") and Executive Chairman of NioCorp (the "Original Smith Loan"), that bears an interest rate of 10%, is secured by the Company's assets pursuant to a concurrently executed general security agreement (the "General Security Agreement") and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. As of December 31, 2019, the principal amount outstanding under the Original Smith Loan was $1,000.

The Company also has a non-revolving credit facility agreement (the "Credit Agreement") in the amount of $2,000 with Mr. Smith. The Credit Agreement bears an interest rate of 10% and drawdowns from the Credit Agreement are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Agreement are secured by all of the Company's assets pursuant to the General Security Agreement. The Credit Agreement contains financial and non-financial covenants customary for a facility of its size and nature. During the six-month period ended December 31, 2019, Mr. Smith advanced an additional $1,080 to the Company under the Credit Agreement, and as of December 31, 2019, the principal amount outstanding under the Credit Agreement was $1,560.

Accounts payable and accrued liabilities as of December 31, 2019, include origination fees and interest payable to Mr. Smith under the Original Smith Loan and the Credit Agreement of $293.