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RELATED PARTY TRANSACTIONS
 3 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 

8.RELATED PARTY TRANSACTIONS

 

On September 11, 2024, the Company and Mark Smith, Chief Executive Officer, President and Executive Chairman of NioCorp, entered into a loan agreement (the “Smith Loan Agreement”), which provides for a $2,000 non-revolving, multi-draw credit facility (the “Smith Loan”). The Smith Loan has an interest rate of 10% per annum, calculated monthly in arrears, through the date of repayment of the Smith Loan. The Company can pre-pay the Smith Loan at any time without notice and without penalty, but any amount of principal or interest repaid by the Company prior to the earlier of the date of expiration of the Smith Loan Agreement on June 30, 2025 and the occurrence of an event of default under the Smith Loan Agreement will be subject to an early payment fee of 2.5% of the value of any such payment. The Smith Loan is secured by all of the Company’s assets pursuant to a general security agreement between the Company and Mr. Smith dated September 11, 2024.

 

As of September 30, 2024, the principal amount outstanding under the Smith Loan was $33 and accounts payable and accrued liabilities as of September 30, 2024, included $29 of loan origination fees payable to Mr. Smith. Additional drawdowns totaling $471 were received subsequent to September 30, 2024. On November 6, 2024, the Company repaid $250 of the interest and principal outstanding under the Smith Loan, and $28 related to the loan origination fees payable.