Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | NIOCORP DEVELOPMENTS LTD | |
Entity Central Index Key | 1,512,228 | |
Document Type | 10-Q | |
Trading Symbol | NIOBF | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 196,330,021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Current | ||
Cash | $ 1,870 | $ 4,412 |
Restricted cash | 265 | |
Receivables | 5 | 5 |
Prepaid expenses | 63 | 101 |
Total current assets | 2,203 | 4,518 |
Non-current | ||
Deposits | 64 | 65 |
Available for sale securities at fair value | 26 | 32 |
Equipment | 8 | 14 |
Mineral interests | 10,617 | 10,617 |
Total assets | 12,918 | 15,246 |
Current | ||
Accounts payable and accrued liabilities | 1,904 | 1,256 |
Total current liabilities | 1,904 | 1,256 |
Related party loans | 1,175 | 1,000 |
Convertible debt | 5,502 | 6,466 |
Derivative liability, convertible debt | 115 | 330 |
Total liabilities | 8,696 | 9,052 |
SHAREHOLDERS' EQUITY | ||
Common stock, unlimited shares authorized; shares outstanding: 195,428,961 and 180,467,990, respectively | 66,139 | 58,401 |
Additional paid-in capital | 9,711 | 8,630 |
Accumulated deficit | (71,153) | (60,222) |
Accumulated other comprehensive loss | (475) | (615) |
Total equity | 4,222 | 6,194 |
Total liabilities and equity | $ 12,918 | $ 15,246 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares | Mar. 31, 2017 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, outstanding | 195,428,961 | 180,467,990 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses | ||||
Consulting | $ 27 | $ 1 | $ 158 | |
Depreciation | 3 | 3 | 7 | 7 |
Employee related costs | 578 | 732 | 1,614 | 1,252 |
Finance costs | 4 | (38) | 4 | 240 |
Professional fees | 133 | 151 | 745 | 273 |
Exploration expenditures | 2,761 | 566 | 7,128 | 2,962 |
Other operating expenses | 596 | 442 | 906 | 933 |
Total operating expenses | 4,075 | 1,883 | 10,405 | 5,825 |
Change in financial instrument fair value | 524 | 1,132 | 189 | 2,501 |
Foreign exchange (gain) loss | (80) | (686) | 113 | (489) |
Interest expense | 78 | 62 | 218 | 203 |
Loss on available for sale securities | 12 | 19 | 6 | 13 |
Loss before income taxes | 4,609 | 2,410 | 10,931 | 8,053 |
Income tax benefit | ||||
Net loss | 4,609 | 2,410 | 10,931 | 8,053 |
Other comprehensive loss: | ||||
Net loss | 4,609 | 2,410 | 10,931 | 8,053 |
Other comprehensive (gain) loss: | ||||
Reporting currency translation | 91 | 987 | (140) | 36 |
Total comprehensive loss | $ 4,700 | $ 3,397 | $ 10,791 | $ 8,089 |
Loss per common share, basic (in dollars per shares) | $ 0.02 | $ 0.01 | $ 0.06 | $ 0.05 |
Weighted average common shares outstanding (in shares) | 195,081,408 | 167,605,398 | 184,880,012 | 161,140,606 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Total loss for the period | $ (10,931) | $ (8,053) |
Non-cash elements included in net loss: | ||
Depreciation | 7 | 7 |
Change in financial instrument fair value | 189 | 2,501 |
Unrealized loss on available-for-sale investments | 6 | 13 |
Accretion of convertible debt | 85 | 57 |
Foreign exchange (gain) loss | 157 | (236) |
Share-based compensation | 862 | 643 |
Subtotal | (9,625) | (5,068) |
Change in working capital items: | ||
Receivables | 8 | |
Prepaid expenses | 37 | 147 |
Accounts payable and accrued liabilities | 571 | (4,155) |
Net cash used in operating activities | (9,017) | (9,068) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Restricted cash funding | (265) | |
Acquisition of equipment | (4) | |
Net cash used in investing activities | (265) | (4) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of capital stock | 5,673 | 5,773 |
Share issue costs | (66) | (95) |
Issuance of convertible debt, net of issuance costs | 1,000 | 5,060 |
Related party debt draws | 175 | 600 |
Related party debt repayment | (1,100) | |
Net cash provided by financing activities | 6,782 | 10,238 |
Exchange rate effect on cash | (42) | 228 |
Change in cash during the period | (2,542) | 1,394 |
Cash, beginning of period | 4,412 | 753 |
Cash, end of period | 1,870 | 2,147 |
Supplemental cash flow information: | ||
Amounts paid for interest | 48 | 128 |
Amounts paid for income taxes | ||
Non-cash financing transaction | $ 2,212 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance, beginning at Jun. 30, 2015 | $ 47,617 | $ 7,250 | $ (48,814) | $ (1,042) | $ 5,011 |
Balance, beginning (in shares) at Jun. 30, 2015 | 156,420,334 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 5,838 | 5,838 | |||
Exercise of warrants (in shares) | 12,549,309 | ||||
Exercise of options | $ 405 | 405 | |||
Exercise of options (in shares) | 1,415,000 | ||||
Fair value of broker warrants granted | 15 | 15 | |||
Fair value of Lind Warrants granted | 620 | 620 | |||
Private placement | $ 3,750 | 3,750 | |||
Private placement (in shares) | 9,074,835 | ||||
Debt conversions | $ 638 | 638 | |||
Debt conversions (in shares) | 1,008,512 | ||||
Share issuance costs | $ (151) | (151) | |||
Fair value of stock options exercised | 304 | (304) | |||
Share-based payments | 1,049 | 1,049 | |||
Reporting currency presentation | 427 | 427 | |||
Loss for the period | (11,408) | (11,408) | |||
Balance, ending at Jun. 30, 2016 | $ 58,401 | 8,630 | (60,222) | (615) | $ 6,194 |
Balance, ending (in shares) at Jun. 30, 2016 | 180,467,990 | 180,467,990 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 1,675 | $ 1,675 | |||
Exercise of warrants (in shares) | 3,447,137 | ||||
Exercise of options | $ 70 | $ 70 | |||
Exercise of options (in shares) | 150,000 | (150,000) | |||
Fair value of broker warrants granted | 20 | $ 20 | |||
Fair value of Lind Warrants granted | 233 | 233 | |||
Private placement | $ 3,927 | 3,927 | |||
Private placement (in shares) | 7,364,789 | ||||
Debt conversions | $ 2,212 | 2,212 | |||
Debt conversions (in shares) | 3,999,045 | ||||
Share issuance costs | $ (180) | (180) | |||
Fair value of stock options exercised | 34 | (34) | |||
Share-based payments | 862 | 862 | |||
Reporting currency presentation | 140 | (140) | |||
Loss for the period | (10,931) | (10,931) | |||
Balance, ending at Mar. 31, 2017 | $ 66,139 | $ 9,711 | $ (71,153) | $ (475) | $ 4,222 |
Balance, ending (in shares) at Mar. 31, 2017 | 195,428,961 | 195,428,961 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (the “Company”) was incorporated on February 27, 1987 under the laws of the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the “Elk Creek Project”) located in southeastern Nebraska. These financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing, and maintaining continued support from its shareholders and creditors. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these consolidated interim financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2016. In the opinion of Management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations and cash flows at March 31, 2017, and for all periods presented have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2016. The interim results are not necessarily indicative of results for the full year ending June 30, 2017, or future operating periods. b) Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition, and most industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This ASU provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption would be permitted but not before annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of adopting this ASU on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern. The new standard requires management of public and private companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, to disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. The Company adopted this standard during the three-month period ended December 31, 2016, and the adoption of this standard had no material impacts on our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from the previous GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. The Company is currently assessing the impact, if any, of implementing this guidance on its consolidated financial position, results of operations, and liquidity. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The standard provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash (if any), the adoption of this new guidance is not expected to have an impact on our financial statements. c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
GOING CONCERN ISSUES
GOING CONCERN ISSUES | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN ISSUES | 3. GOING CONCERN ISSUES The Company incurred a loss of $10,931 for the nine months ended March 31, 2017 (2016 - $8,053), and has an accumulated deficit of $71,153 as of March 31, 2017. These factors indicate the existence of a material uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. The Company’s ability to continue operations and fund its expenditures is dependent on Management’s ability to secure additional financing. Management is actively pursuing such additional sources of financing, and while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. These consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements. |
RESTRICTED CASH
RESTRICTED CASH | 9 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
RESTRICTED CASH | 4. RESTRICTED CASH Restricted cash represents amounts held in escrow to secure payment of work related to the Company’s Elk Creek Project feasibility study. Under the terms of the escrow agreement, the balance of $265 will be drawn against outstanding accounts payable once certain project milestones are met. |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | 5. CONVERTIBLE DEBT As of March 31, June 30, Convertible Security $ 4,943 $ 5,991 Convertible Notes 559 475 $ 5,502 $ 6,466 Convertible Security Funding Changes in the Lind Partners Asset Management IV, LLC (“Lind”) convertible security (the “Convertible Security”) balance are comprised of the following: Convertible Security Balance, June 30, 2016 $ 5,991 Additional debt drawdown 1,000 Conversions, at fair value (2,212 ) Change in fair market value 164 Balance, March 31, 2017 $ 4,943 Further to the terms of the Convertible Security, upon satisfaction of certain conditions, including but not limited to a minimum draw down amount by Lind under the Convertible Security, a minimum market capitalization for the Company, and a minimum amount of cash on the Company’s balance sheet, the Company had the right to call an additional $1,000 under the Convertible Security (a “First Tranche Increase”). On February 14, 2017, upon satisfaction of the conditions for the First Tranche Increase, the Company provided notice to Lind to demand the advancement of an additional $1,000 in funding under the Convertible Security pursuant to its right to call. This amount was funded by Lind on March 31, 2017, resulting in an increase in the face amount of the Convertible Security increased by $1,200 ($1,000 in funding and $200 in implied interest). The maturity date of the First Tranche increase is March 31, 2019. Consistent with the accounting method utilized for the original Convertible Security drawdowns, the First Tranche Increase has been accounted for at fair value. In connection with the First Tranche Increase closing, the Company issued Lind 890,670 common share purchase warrants of the Company (the “First Tranche Warrants”). The First Tranche Warrants have a term of 36 months from issuance, and an exercise price $C0.90. The fair value of the First Tranche Warrants was estimated based on the Black Scholes pricing model using a risk-free interest rate of 1.30%, an expected dividend yield of 0%, a volatility of 81%, and an expected life of 3.0 years. The Company recognized $234 in change in financial instrument fair value in the consolidated statement of operations related to fair value of the First Tranche Warrants at closing. On March 20, 2017, the Company and Lind entered into an amendment to extend the term of the Convertible Security from 24 months to 30 months, such that the due date has been extended to June 17, 2018. The Convertible Security is convertible into Common Shares of the Company at a conversion price equal to 85% of the volume weighted average trading price of the Common Shares (in Canadian dollars) on the TSX for the five consecutive trading days immediately prior to the date on which the Lind provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time. During the nine-month period ended March 31, 2017, $1,850 face value of the Convertible Security was converted into 3,999,045 Common Shares. The Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice, or have become prematurely payable as a result of its default or breach. The Company was in compliance as of March 31, 2017. Convertible Notes Changes in the Company’s outstanding convertible promissory notes (the “Convertible Notes”) balance are comprised of the following: Convertible Notes Balance, June 30, 2016 $ 475 Accreted interest, net of interest paid 84 Balance, March 31, 2017 $ 559 The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, June 30, 2016 $ 330 Change in fair value of derivative liability (215 ) Balance, March 31, 2017 $ 115 |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
COMMON STOCK | 6. COMMON STOCK a) Issuances On February 14, 2017, the Company completed the first tranche closing (the "First Tranche Closing") of a non-brokered private placement of units (each a “Unit”) announced January 27, January 30, February 7, and February 10, 2017 (the “February 2017 Offering”). The First Tranche Closing consisted of the issuance of 3,860,800 Units at a price of C$0.70 per Unit, for gross proceeds of C$2.7 million. Each Unit consists of one Common Share and one transferable Common Share purchase warrant (each whole such warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of 36 months from their date of issuance. On February 28, 2017, the Company completed the second and final tranche closing (the "Final Closing") of the February 2017 Offering. The Final Closing consisted of the issuance of 3,503,989 units including 2,964,682 units dated February 21, 2017, and 539,307 units dated February 28, 2017 (collectively, the “Final Closing Units”), at a price of C$0.70 per Unit, for gross aggregate proceeds of C$2.5 million. Each Final Closing Unit consists of one Common Share and one transferable Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of three years from Unit issuance. The Company paid cash commissions of C$88 and issued 78,342 broker warrants (having the same terms as the Warrants) in connection with the Final Closing to brokers outside of the United States. The broker warrants were valued at C$26 using a risk-free rate of 0.75%, expected volatility of 81.27% and expected life of three years. b) Stock Options The Company has a rolling stock option plan (the “Plan”) whereby the Company may grant stock options to executive officers and directors, employees, and consultants at an exercise price to be determined by the board of directors, provided the exercise price is not lower than the greater of (i) the last closing price of the Company’s common shares on the TSX and (ii) the volume weighted average closing price of the Company’s common shares on the TSX for the five days immediately prior to the date of grant. The Plan provides for the issuance of up to 10% of the Company’s issued Common Shares as at the date of grant with each stock option having a maximum term of ten years. The board of directors has the exclusive power over the granting of options and their vesting provisions. Stock option transactions are summarized as follows: Number of Weighted Balance, June 30, 2016 11,465,000 $ 0.69 Granted 6,360,000 0.78 Exercised (150,000 ) 0.62 Cancelled/expired (650,000 ) 0.76 Balance, March 31, 2017 17,025,000 $ 0.72 The following table summarizes the information and assumptions used to determine option costs for the nine-month period ended March 31, 2017: Fair value per option granted during the period (C$) $ 0.42 Risk-free interest rate 0.75 % Expected dividend yield 0 % Expected stock price volatility (historical basis) 92.93 % Expected option life in years 2.15 The following table summarizes information about stock options outstanding at March 31, 2017: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 89 370,000 $ 89 $ 0.62 January 19, 2021 5,275,000 633 3,956,250 475 $ 0.65 May 20, 2017 50,000 4 50,000 4 $ 0.65 July 28, 2017 1,250,000 113 1,250,000 113 $ 0.76 September 2, 2017 500,000 - 500,000 - $ 0.76 March 7, 2022 5,650,000 - - - $ 0.80 December 22, 2017 2,720,000 - 2,720,000 - $ 0.94 April 28, 2018 500,000 - 500,000 - $ 0.96 July 21, 2021 710,000 - 355,000 - Balance March 31, 2017 17,025,000 $ 839 9,701,250 $ 681 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$0.74 as of March 31, 2017, which would have been received by the option holders had all option holders exercised their options as of that date. In-the-money options vested and exercisable as of March 31, 2017, totaled 5,626,250. As March 31, 2017, there was $1,436 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Plan. The cost is expected to be recognized over a remaining weighted average period of approximately 1.4 years. c) Warrants Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted 8,333,801 0.86 Exercised (3,447,137 ) 0.65 Expired (7,011,263 ) 0.79 Balance, March 31, 2017 20,609,086 $ 0.79 As discussed above under Note 6a, the Company granted 7,364,789 warrants and 78,342 broker warrants in conjunction with the February 2017 Offering. In addition, as discussed above under Note 5, the Company granted 890,670 First Tranche Increase warrants to Lind in connection with the funding of the First Tranche Increase. At March 31, 2017, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 3,125,000 0.72 December 22, 2018 9,150,285 0.75 January 19, 2019 3,860,800 0.85 February 14, 2020 2,964,682 0.85 February 21, 2020 617,649 0.85 February 28, 2020 890,670 0.90 March 31, 2020 20,609,086 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 7. RELATED PARTY TRANSACTIONS AND BALANCES On January 16, 2017, the Company entered into a non-revolving credit facility agreement (the “Credit Facility”) in the amount of $2,000 with Mark Smith, Chief Executive Officer and Executive Chairman of NioCorp. The Credit Facility bears an interest rate of 10% and drawdowns from the Credit Facility are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Facility are secured by all of the Company’s assets pursuant to a general security agreement between the Company and Mr. Smith dated June 17, 2015. The Credit Facility contains financial and non-financial covenants customary for a facility of this size and nature. On January 18, 2017, the Company completed a drawdown from the Credit Facility in the amount of $175. The Company has an additional loan with Mr. Smith (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, and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. The principal amount outstanding under the Original Smith Loan is $1,000. On March 20, 2017, the due dates on the Smith Credit Facility and the Original Smith Loan were extended to June 16, 2018 and June 17, 2018, respectively. As of March 31, 2017, accounts payable and accrued liabilities included interest payable to Mr. Smith of $107. |
EXPLORATION EXPENDITURES
EXPLORATION EXPENDITURES | 9 Months Ended |
Mar. 31, 2017 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
EXPLORATION EXPENDITURES | 8. Exploration Expenditures For the three months For the nine months 2017 2016 2017 2016 Technical studies and engineering $ 1,994 $ 215 $ 3,982 $ 1,878 Field management and other 371 275 1,004 668 Drilling - - - 197 Metallurgical development 366 68 2,057 178 Geologists and field staff 30 8 85 41 Total $ 2,761 $ 566 $ 7,128 $ 2,962 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 9. Fair Value Measurements The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables, or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans, and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized in income. Financial instruments including receivables, accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which Management believes approximates fair value due to the short-term nature of these instruments. The following table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at March 31, 2017 and June 30, 2016, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and included situations where there is little, if any, market activity for the instrument: As of March 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,852 $ 1,852 $ - $ - Available for sale securities 26 26 - - Total $ 1,878 $ 1,878 $ - $ - Liabilities: Convertible debt $ 4,943 $ - $ - $ 4,943 Derivative liability, convertible debt 115 - - 115 Total $ 5,058 $ - $ - $ 5,058 As of June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,412 $ 4,412 $ - $ - Available for sale securities 32 32 - - Total $ 4,444 $ 4,444 $ - $ - Liabilities: Convertible debt $ 5,991 $ - $ - $ 5,991 Derivative liability, convertible debt 330 - - 330 Total $ 6,321 $ - $ - $ 6,321 The Company measures the fair market value of the Level 3 components using the Black-Scholes model and discounted cash flows, as appropriate. These models are prepared by a third party and take into account Management's best estimate of the conversion price of the stock, an estimate of the expected time to conversion, an estimate of the stock's volatility, and the risk-free rate of return expected for an instrument with a term equal to the duration of the convertible debt. The following table sets forth a reconciliation of changes in the fair value of the Company's convertible debt components classified as Level 3 in the fair value hierarchy: Balance, June 30, 2016 $ 6,321 Additional debt drawdown 1,000 Conversions to equity (2,212 ) Realized and unrealized losses (51 ) Balance, March 31, 2017 $ 5,058 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 10. SUBSEQUENT EVENT On May 10, 2017, the Company announced that it had entered into an agreement, subject to regulatory approval, with Mackie Research Capital Corporation (“Mackie”), which agreement was subsequently amended on May 12, 2017. Pursuant to the amended agreement, Mackie has agreed to purchase, on a bought deal short form prospectus basis, 3,077,000 units of the Company (the “May 2017 Units”) at a price of C$0.65 per May 2017 Unit for gross proceeds to the Company of up to C$2,000,050 (the “May 2017 Offering”), subject to an option to increase the size of the May 2017 Offering by up to 15% in May 2017 Units. Each May 2017 Unit will consist of one Common Share and one warrant, with each warrant entitling the holder to acquire one Common Share at a price of C$0.85 at any time prior to the date which is three years following completion of the May 2017 Offering. Proceeds of the May 2017 Offering will be used for general working capital purposes. |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation and Consolidation | a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these consolidated interim financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2016. In the opinion of Management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations and cash flows at March 31, 2017, and for all periods presented have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2016. The interim results are not necessarily indicative of results for the full year ending June 30, 2017, or future operating periods. |
Recent Accounting Standards | b) Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition, and most industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This ASU provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption would be permitted but not before annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of adopting this ASU on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern. The new standard requires management of public and private companies to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, to disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. The Company adopted this standard during the three-month period ended December 31, 2016, and the adoption of this standard had no material impacts on our financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from the previous GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. The Company is currently assessing the impact, if any, of implementing this guidance on its consolidated financial position, results of operations, and liquidity. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The standard provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash (if any), the adoption of this new guidance is not expected to have an impact on our financial statements. |
Use of Estimates | c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
CONVERTIBLE DEBT (Tables)
CONVERTIBLE DEBT (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debt | As of March 31, June 30, Convertible Security $ 4,943 $ 5,991 Convertible Notes 559 475 $ 5,502 $ 6,4 66 |
Schedule of change in convertible security balance | Changes in the Lind Partners Asset Management IV, LLC (“Lind”) convertible security (the “Convertible Security”) balance are comprised of the following: Convertible Security Balance, June 30, 2016 $ 5,991 Additional debt drawdown 1,000 Conversions, at fair value (2,212 ) Change in fair market value 164 Balance, March 31, 2017 $ 4,943 |
Schedule of changes in the notes balance | Changes in the Company’s outstanding convertible promissory notes (the “Convertible Notes”) balance are comprised of the following: Convertible Notes Balance, June 30, 2016 $ 475 Accreted interest, net of interest paid 84 Balance, March 31, 2017 $ 559 |
Schedule of derivative liability related to the conversion feature | The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, June 30, 2016 $ 330 Change in fair value of derivative liability (215 ) Balance, March 31, 2017 $ 115 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of stock option | Stock option transactions are summarized as follows: Number of Weighted Balance, June 30, 2016 11,465,000 $ 0.69 Granted 6,360,000 0.78 Exercised (150,000 ) 0.62 Cancelled/expired (650,000 ) 0.76 Balance, March 31, 2017 17,025,000 $ 0.72 |
Schedule of information and assumptions used to determine option costs | The following table summarizes the information and assumptions used to determine option costs for the nine-month period ended March 31, 2017: Fair value per option granted during the period (C$) $ 0.42 Risk-free interest rate 0.75 % Expected dividend yield 0 % Expected stock price volatility (historical basis) 92.93 % Expected option life in years 2.15 |
Schedule of information about stock options outstanding | The following table summarizes information about stock options outstanding at March 31, 2017: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 89 370,000 $ 89 $ 0.62 January 19, 2021 5,275,000 633 3,956,250 475 $ 0.65 May 20, 2017 50,000 4 50,000 4 $ 0.65 July 28, 2017 1,250,000 113 1,250,000 113 $ 0.76 September 2, 2017 500,000 - 500,000 - $ 0.76 March 7, 2022 5,650,000 - - - $ 0.80 December 22, 2017 2,720,000 - 2,720,000 - $ 0.94 April 28, 2018 500,000 - 500,000 - $ 0.96 July 21, 2021 710,000 - 355,000 - Balance March 31, 2017 17,025,000 $ 839 9,701,250 $ 681 |
Schedule of warrant transactions | Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted 8,333,801 0.86 Exercised (3,447,137 ) 0.65 Expired (7,011,263 ) 0.79 Balance, March 31, 2017 20,609,086 $ 0.79 |
Schedule of outstanding exercisable warrants | At March 31, 2017, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 3,125,000 0.72 December 22, 2018 9,150,285 0.75 January 19, 2019 3,860,800 0.85 February 14, 2020 2,964,682 0.85 February 21, 2020 617,649 0.85 February 28, 2020 890,670 0.90 March 31, 2020 20,609,086 |
EXPLORATION EXPENDITURES (Tabl
EXPLORATION EXPENDITURES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Schedule of exploration expenditures | For the three months For the nine months 2017 2016 2017 2016 Technical studies and engineering $ 1,994 $ 215 $ 3,982 $ 1,878 Field management and other 371 275 1,004 668 Drilling - - - 197 Metallurgical development 366 68 2,057 178 Geologists and field staff 30 8 85 41 Total $ 2,761 $ 566 $ 7,128 $ 2,962 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values determined by Level 3 inputs are unobservable data | Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and included situations where there is little, if any, market activity for the instrument: As of March 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,852 $ 1,852 $ - $ - Available for sale securities 26 26 - - Total $ 1,878 $ 1,878 $ - $ - Liabilities: Convertible debt $ 4,943 $ - $ - $ 4,943 Derivative liability, convertible debt 115 - - 115 Total $ 5,058 $ - $ - $ 5,058 As of June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 4,412 $ 4,412 $ - $ - Available for sale securities 32 32 - - Total $ 4,444 $ 4,444 $ - $ - Liabilities: Convertible debt $ 5,991 $ - $ - $ 5,991 Derivative liability, convertible debt 330 - - 330 Total $ 6,321 $ - $ - $ 6,321 |
Schedule of reconciliation of changes in the fair value | The following table sets forth a reconciliation of changes in the fair value of the Company's convertible debt components classified as Level 3 in the fair value hierarchy: Balance, June 30, 2016 $ 6,321 Additional debt drawdown 1,000 Conversions to equity (2,212 ) Realized and unrealized losses (51 ) Balance, March 31, 2017 $ 5,058 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 9 Months Ended |
Mar. 31, 2017Number | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segment | 1 |
GOING CONCERN ISSUES (Details N
GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ (4,609) | $ (2,410) | $ (10,931) | $ (8,053) | $ (11,408) |
Accumulated deficit | $ (71,153) | $ (71,153) | $ (60,222) |
RESTRICTED CASH (Details Narrat
RESTRICTED CASH (Details Narrative) $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Accounts Payable [Member] | |
Restricted cash amounts held in escrow account | $ 265 |
CONVERTIBLE DEBT (Details)
CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Short-term Debt [Line Items] | ||
Convertible of long term debt | $ 5,502 | $ 6,466 |
Secured Convertible Security [Member] | ||
Short-term Debt [Line Items] | ||
Convertible of long term debt | 4,943 | 5,991 |
Unsecured Convertible Promissory Notes [Member] | ||
Short-term Debt [Line Items] | ||
Convertible of long term debt | $ 559 | $ 475 |
CONVERTIBLE DEBT (Details 1)
CONVERTIBLE DEBT (Details 1) $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Change Convertible Security Balance [Roll Forward] | |
Balance at beginning | $ 6,466 |
Balance at ending | 5,502 |
Secured Convertible Security [Member] | |
Change Convertible Security Balance [Roll Forward] | |
Balance at beginning | 5,991 |
Balance at ending | 4,943 |
Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member] | |
Change Convertible Security Balance [Roll Forward] | |
Balance at beginning | 5,991 |
Additional debt drawdown | 1,000 |
Conversions, at fair value | (2,212) |
Change in fair market value | 164 |
Balance at ending | $ 4,943 |
CONVERTIBLE DEBT (Details 2)
CONVERTIBLE DEBT (Details 2) $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Convertible Notes [Roll Forward] | |
Balance at beginning | $ 6,466 |
Balance at ending | 5,502 |
Unsecured Convertible Promissory Notes [Member] | |
Convertible Notes [Roll Forward] | |
Balance at beginning | 475 |
Accreted interest, net of interest paid | 84 |
Balance at ending | $ 559 |
CONVERTIBLE DEBT (Details 3)
CONVERTIBLE DEBT (Details 3) $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward] | |
Balance at beginning | $ 330 |
Balance at ending | 115 |
Unsecured Convertible Promissory Notes [Member] | |
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward] | |
Balance at beginning | 330 |
Change in fair value of derivative liability | (215) |
Balance at ending | $ 115 |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) $ in Thousands | Mar. 31, 2017USD ($) | Feb. 14, 2017USD ($) | Mar. 31, 2017USD ($)shares | Mar. 31, 2017CAD / sharesshares |
Lind Partners Asset Management IV, LLC [Member] | Tranche One [Member] | Warrant [Member] | ||||
Number of common stock purchased | shares | 890,670 | |||
Warrant term | 36 months | |||
Risk-free interest rate | 1.30% | |||
Expected dividend yield | 0.00% | |||
Volatility rate | 81.00% | |||
Expected life | 3 years | |||
Change in financial instrument fair value | $ 234 | |||
Lind Partners Asset Management IV, LLC [Member] | Tranche One [Member] | Warrant [Member] | Canada | ||||
Exercise price (in dollars per share) | CAD / shares | CAD 0.90 | |||
Secured Convertible Security [Member] | ||||
Description of convenent | The Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice, or have become prematurely payable as a result of its default or breach. The Company was in compliance as of March 31, 2017. | |||
Description of conversion price | A conversion price equal to 85% of the volume weighted average trading price of the Common Shares (in Canadian dollars) on the TSX for the five consecutive trading days immediately prior to the date on which the Lind provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time. | |||
Debt conversion amount | $ 1,850 | |||
Number of shares issued upon debt conversion | shares | 3,999,045 | |||
Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member] | ||||
Additional debt drawdown | $ 1,000 | |||
Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member] | Tranche One [Member] | ||||
Additional debt drawdown | $ 1,200 | $ 1,000 | ||
Maturity date of the first tranche | Mar. 31, 2019 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 9 Months Ended |
Mar. 31, 2017CAD / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Balance at beginning | shares | 11,465,000 |
Granted | shares | 6,360,000 |
Exercised | shares | (150,000) |
Cancelled/expired | shares | (650,000) |
Balance at end | shares | 17,025,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Balance at beginning | CAD / shares | CAD 0.69 |
Granted | CAD / shares | 0.78 |
Exercised | CAD / shares | 0.62 |
Cancelled/expired | CAD / shares | 0.76 |
Balance at end | CAD / shares | CAD 0.72 |
COMMON STOCK (Details 1)
COMMON STOCK (Details 1) | 9 Months Ended |
Mar. 31, 2017CAD / shares | |
Equity [Abstract] | |
Fair value per option granted during the period (C$) | CAD 0.42 |
Risk-free interest rate | 0.75% |
Expected dividend yield | 0.00% |
Expected stock price volatility (historical basis) | 92.93% |
Expected option life in years | 2 years 1 month 24 days |
COMMON STOCK (Details 2)
COMMON STOCK (Details 2) CAD in Thousands | 9 Months Ended |
Mar. 31, 2017CADshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of outstanding | shares | 17,025,000 |
Aggregate Intrinsic Value | CAD | CAD 839 |
Number exercisable | shares | 9,701,250 |
Aggregate Intrinsic Value | CAD | CAD 681 |
Exercise Price C$0.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | May 9, 2017 |
Number of outstanding | shares | 370,000 |
Aggregate Intrinsic Value | CAD | CAD 89 |
Number exercisable | shares | 370,000 |
Aggregate Intrinsic Value | CAD | CAD 89 |
Exercise Price C$0.62 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Jan. 19, 2021 |
Number of outstanding | shares | 5,275,000 |
Aggregate Intrinsic Value | CAD | CAD 633 |
Number exercisable | shares | 3,956,250 |
Aggregate Intrinsic Value | CAD | CAD 475 |
Exercise Price C$0.65 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | May 20, 2017 |
Number of outstanding | shares | 50,000 |
Aggregate Intrinsic Value | CAD | CAD 4 |
Number exercisable | shares | 50,000 |
Aggregate Intrinsic Value | CAD | CAD 4 |
Exercise Price C$0.65 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Jul. 28, 2017 |
Number of outstanding | shares | 1,250,000 |
Aggregate Intrinsic Value | CAD | CAD 113 |
Number exercisable | shares | 1,250,000 |
Aggregate Intrinsic Value | CAD | CAD 113 |
Exercise Price C$0.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Sep. 2, 2017 |
Number of outstanding | shares | 500,000 |
Aggregate Intrinsic Value | CAD | |
Number exercisable | shares | 500,000 |
Aggregate Intrinsic Value | CAD | |
Exercise Price C$0.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Mar. 7, 2022 |
Number of outstanding | shares | 5,650,000 |
Aggregate Intrinsic Value | CAD | |
Number exercisable | shares | |
Aggregate Intrinsic Value | CAD | |
Exercise Price C$0.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Dec. 22, 2017 |
Number of outstanding | shares | 2,720,000 |
Aggregate Intrinsic Value | CAD | |
Number exercisable | shares | 2,720,000 |
Aggregate Intrinsic Value | CAD | |
Exercise Price C$0.94 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Apr. 28, 2018 |
Number of outstanding | shares | 500,000 |
Aggregate Intrinsic Value | CAD | |
Number exercisable | shares | 500,000 |
Aggregate Intrinsic Value | CAD | |
Exercise Price C$0.96 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Expiry date | Jul. 21, 2021 |
Number of outstanding | shares | 710,000 |
Aggregate Intrinsic Value | CAD | |
Number exercisable | shares | 355,000 |
Aggregate Intrinsic Value | CAD |
COMMON STOCK (Details 3)
COMMON STOCK (Details 3) | 9 Months Ended |
Mar. 31, 2017CAD / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance, at beginning | shares | 22,733,685 |
Granted | shares | 8,333,801 |
Exercised | shares | (3,447,137) |
Expired | shares | (7,011,263) |
Balance, at end | shares | 20,609,086 |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Weighted Average Exercise Price [Roll Forward] | |
Balance, at beginning | CAD / shares | CAD 0.74 |
Granted | CAD / shares | 0.86 |
Exercised | CAD / shares | 0.65 |
Expired | CAD / shares | 0.79 |
Balance, at end | CAD / shares | CAD 0.79 |
COMMON STOCK (Details 4)
COMMON STOCK (Details 4) - CAD / shares | 9 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | |
Class of Warrant or Right [Line Items] | ||
Number | 20,609,086 | 22,733,685 |
Exercise Price C$0.72 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number | 3,125,000 | |
Exercise Price | CAD 0.72 | |
Expiry Date | Dec. 22, 2018 | |
Exercise Price C$0.75 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number | 9,150,285 | |
Exercise Price | CAD 0.75 | |
Expiry Date | Jan. 19, 2019 | |
Exercise Price C$0.85 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number | 3,860,800 | |
Exercise Price | CAD 0.85 | |
Expiry Date | Feb. 14, 2020 | |
Exercise Price C$0.85 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number | 2,964,682 | |
Exercise Price | CAD 0.85 | |
Expiry Date | Feb. 21, 2020 | |
Exercise Price C$0.85 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number | 617,649 | |
Exercise Price | CAD 0.85 | |
Expiry Date | Feb. 28, 2020 | |
Exercise Price C$0.90 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number | 890,670 | |
Exercise Price | CAD 0.9 | |
Expiry Date | Mar. 31, 2020 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) CAD / shares in Units, CAD in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2017CADCAD / sharesshares | Feb. 14, 2017CADCAD / sharesshares | Mar. 31, 2017USD ($)shares | Mar. 31, 2017CAD / shares | |
Number of outstanding | 17,025,000 | |||
Broker Warrant [Member] | ||||
Plan award term | 3 years | |||
Number of units issued | 78,342 | |||
Risk free interest rate | 0.75% | |||
Volatility | 81.27% | |||
Expected life | 3 years | |||
Warrant [Member] | ||||
Number of warrants granted | 7,364,789 | |||
Warrant [Member] | Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member] | ||||
Number of outstanding | 890,670 | |||
Tranche One [Member] | Warrant [Member] | Lind Partners Asset Management IV, LLC [Member] | ||||
Risk free interest rate | 1.30% | |||
Volatility | 81.00% | |||
Expected life | 3 years | |||
Non-Brokered Private Placement [Member] | Tranche One [Member] | ||||
Number of units issued | 3,860,800 | |||
Description of units | Each Unit consists of one Common Share and one transferable Common Share purchase warrant (each whole such warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of 36 months from their date of issuance. | |||
Non-Brokered Private Placement [Member] | Tranche Two [Member] | ||||
Number of units issued | 3,503,989 | |||
Description of units | Each Final Closing Unit consists of one Common Share and one transferable Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of three years from Unit issuance. | |||
Non-Brokered Private Placement [Member] | Tranche Two, Dated on February 21, 2017 [Member] | ||||
Number of units issued | 2,964,682 | |||
Non-Brokered Private Placement [Member] | Tranche Two, Dated on February 28, 2017 [Member] | ||||
Number of units issued | 539,307 | |||
Canada | Broker Warrant [Member] | ||||
Unit price (in dollars per unit) | CAD / shares | CAD 26 | |||
Canada | Non-Brokered Private Placement [Member] | ||||
Unit price (in dollars per unit) | CAD / shares | CAD 0.70 | |||
Canada | Non-Brokered Private Placement [Member] | Tranche One [Member] | ||||
Gross proceeds from units issued | CAD | CAD 2,700 | |||
Canada | Non-Brokered Private Placement [Member] | Tranche Two [Member] | ||||
Unit price (in dollars per unit) | CAD / shares | CAD 0.70 | |||
Gross proceeds from units issued | CAD | CAD 2,500 | |||
Cash commissions paid | CAD | CAD 88 | |||
Stock Option Plan [Member] | ||||
Percentage of maximum outstanding stock issued under plan | 10.00% | |||
Plan award term | 10 years | |||
Number of vested and exercisable options | 5,626,250 | |||
Unrecognized compensation cost | $ | $ 1,436 | |||
Cost recognized weighted average period | 1 year 4 months 24 days | |||
Stock Option Plan [Member] | Canada | ||||
Share price (in dollars per share) | CAD / shares | CAD 0.74 |
RELATED PARTY TRANSACTIONS AN36
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands | Jan. 16, 2017 | Mar. 31, 2017 | Jan. 18, 2017 | Jun. 30, 2016 |
Related party loans | $ 1,175 | $ 1,000 | ||
Non-Revolving Credit Facility Agreement [Member] | Mr.Mark A. Smith [Member] | 10% Non-Revolving Credit Facility Due January 16, 2018 [Member] | ||||
Credit facility maximum borrowing capacity | $ 2,000 | |||
Establishment fee | 2.50% | |||
Description of collateral | Secured by all of the Company’s assets pursuant to a general security agreement between the Company and Mr. Smith dated June 17, 2015. | |||
Credit facility drawdown | $ 175 | |||
General Security Agreement [Member] | Mr.Mark A. Smith [Member] | 10% Related Party Loan Due June 17, 2017 [Member] | ||||
Description of fees associated with providing collateral for the credit facility | Secured by the Companys assets pursuant to a concurrently executed general security agreement, and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. | |||
Related party loans | $ 1,000 | |||
General Security Agreement [Member] | Mr.Mark A. Smith [Member] | 10% Related Party Loan Due June 17, 2017 [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||
Interest payable | $ 175 |
EXPLORATION EXPENDITURES (Detai
EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Total | $ 2,761 | $ 566 | $ 7,128 | $ 2,962 |
Technical Studies and Engineering [Member] | ||||
Total | 1,994 | 215 | 3,982 | 1,878 |
Field Management and Other [Member] | ||||
Total | 371 | 275 | 1,004 | 668 |
Drilling [Member] | ||||
Total | 197 | |||
Metallurgical Development [Member] | ||||
Total | 366 | 68 | 2,057 | 178 |
Geologists and Field Staff [Member] | ||||
Total | $ 30 | $ 8 | $ 85 | $ 41 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Assets: | ||
Cash and cash equivalents | $ 1,852 | $ 4,412 |
Available for sale securities | 26 | 32 |
Total | 1,878 | 4,444 |
Liabilities: | ||
Convertible debt | 4,943 | 5,991 |
Derivative liability, convertible debt | 115 | 330 |
Total | 5,058 | 6,321 |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 1,852 | 4,412 |
Available for sale securities | 26 | 32 |
Total | 1,878 | 4,444 |
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Available for sale securities | ||
Total | ||
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Available for sale securities | ||
Total | ||
Liabilities: | ||
Convertible debt | 4,943 | 5,991 |
Derivative liability, convertible debt | 115 | 330 |
Total | $ 5,058 | $ 6,321 |
FAIR VALUE MEASUREMENTS (Deta39
FAIR VALUE MEASUREMENTS (Details 1) - Level 3 [Member] $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning | $ 6,321 |
Additional debt drawdown | 1,000 |
Conversions to equity | (2,212) |
Realized and unrealized losses | (51) |
Balance at end | $ 5,058 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - Mackie Research Capital Corporation [Member] CAD / shares in Units, CAD in Thousands | May 12, 2017CADCAD / sharesshares |
Number of units issued | 3,077,000 |
Unit price (in dollars per unit) | CAD / shares | CAD 0.65 |
Gross proceeds from unit issuance | CAD | CAD 2,000,050 |
Percentage of units increase | 15.00% |
Common Stock [Member] | |
Number of shars in each unit | 1 |
Warrant [Member] | |
Number of shars in each unit | 1 |
Warrant exercise price (in dollars per share) | CAD / shares | CAD 0.85 |
Warrant term | 3 years |