Mr. John Ashburn reports

NIOCORP ANNOUNCES CONVERTIBLE NOTE FINANCING

Niocorp Developments Ltd. will conduct a non-brokered private placement of unsecured convertible promissory notes for gross proceeds of up to $750,000 (U.S.).

The notes will bear interest at a rate of 8 per cent, payable annually in arrears, are non-transferable and have a term of three years from the date of issue. Principal under the notes is convertible by lenders into, and payable by the company in, common shares of the company at a conversion price of 97 Canadian cents per common share, calculated on conversion or repayment using the then-current Bank of Canada noon exchange rate. Accrued but unpaid interest on the notes will be convertible by lenders into, and payable by the company in, common shares at a price per common share equal to the most recent closing price of the company's common shares prior to the delivery to the company of a request to convert interest, or the annual due date of interest, as applicable, calculated using the then-current Bank of Canada noon exchange rate.

All securities issued under the private placement will be subject to a four-month hold period, and the completion of the private placement is subject to Toronto Stock Exchange approval. The company expects to use the proceeds of the private placement for general working capital purposes.