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RELATED PARTY TRANSACTIONS AND BALANCES
 6 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES
  8. 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, 2020, 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”) with a limit of $3,500 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. As of December 31, 2020, the principal amount outstanding under the Credit Agreement was $2,818.

 

On December 14, 2020, the maturity dates for the Original Smith Loan and the Credit Agreement were extended from December 15, 2020 to December 15, 2021.          

 

Accounts payable and accrued liabilities as of December 31, 2020, include accrued interest of $667 and origination fees of $58 payable to Mr. Smith under the Original Smith Loan and the Credit Agreement.