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RELATED PARTY TRANSACTIONS AND BALANCES
 12 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES

 

12.RELATED PARTY TRANSACTIONS AND BALANCES

 

Borrowings under the non-revolving credit facility agreement (the “Smith Credit Facility”) with Mark Smith, Chief Executive Officer, President, and Executive Chairman of NioCorp, bear interest at a rate of 10% and drawdowns from the Smith Credit Facility are subject to a 2.5% establishment fee. Amounts outstanding under the Smith Credit Facility are secured by all of the Company’s assets pursuant to a general security agreement. The Smith Credit Facility contains financial and non-financial covenants customary for a facility of its size and nature. The maturity date for the Smith Credit Facility was June 30, 2023. On February 28, 2023, the Smith Credit facility was amended to increase the borrowing limit to $4,000 from the previous limit of $3,500. The Company subsequently drew down $1,130, leaving an available balance under the Smith Credit Facility of $52.

 

Changes in the Smith Credit Agreement principal balance are as follows:

 

   For the year ending June 30, 
   2023   2022 
Beginning balance  $2,000   $2,318 
   Amounts advanced   1,130    - 
   Repayments   (3,130)   (318)
Balance, end of period  $-   $2,000 

 

On March 22, 2023, the Company repaid Mr. Smith $1,841 of principal borrowed under the Smith Credit Facility. This repayment was made out of funds transferred to the Company from the GXII trust account on the Closing Date. The Company repaid the remaining principal balance of $1,289 on May 31, 2023. The Smith Credit Facility expired on June 30, 2023. Accounts payable and accrued liabilities as of June 30, 2023 includes $28 of origination fees payable under the Smith Credit Agreement.

 

During fiscal year 2023 and 2022, the Company paid a total of $183 and $252, respectively, representing accrued interest on the Smith Credit Agreement.