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RELATED PARTY TRANSACTIONS AND BALANCES
 12 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES

 

12.RELATED PARTY TRANSACTIONS AND BALANCES

 

The Company was party to a non-revolving credit facility agreement (the “Smith Credit Facility”) with Mark Smith, Chief Executive Officer, President, and Executive Chairman of NioCorp, which expired on June 30, 2023. The Smith Credit Facility bore interest at a rate of 10% and drawdowns from the Smith Credit Facility were subject to a 2.5% establishment fee. Amounts outstanding under the Smith Credit Facility were secured by all of the Company’s assets pursuant to a general security agreement.

 

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

 

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

 

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. Accounts payable and accrued liabilities as of June 30, 2024 includes $28 of origination fees payable under the Smith Credit Agreement. During fiscal year 2023 the Company paid a total of $183, representing accrued interest on the Smith Credit Agreement.