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by Will Purcell

The critical and specialty minerals box score for Tuesday was a ho-hum 85-85-140 draw as the TSX Venture Exchange fell three points to 936. Jean-Sebastien David's Niobay Metals Inc. (NBY) slid 3.5 cents to 13.5 cents on 1.69 million shares Monday, and was unchanged on 802,000 shares today, on word it is offering a minimum of 7.14 million regular shares at 14 cents and a combination of flow-through shares at 16 cents and charitable flow-through shares at 21 cents such that the company raises up to $5-million. Or more: The underwriters have a greenshoe option to sell an additional $1-million of shares.

The cash, says, Mr. David, president and chief executive officer, is for further work at the company's James Bay niobium project, 45 kilometres south of Moosonee in Northern Ontario, and for working capital and general corporate purposes. (Given the minimum rider attached to the hard-dollar shares, one presumes that Mr. David and his crew have a need for at least $1-million beyond their exploration plans, although at the end of September, Niobay was sitting on nearly $2.7-million in working capital.)

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