NEW YORK CITY, NEW YORK--(Marketwire - Aug. 30, 2011) - Nio-Metals Holdings LLC ("Nio-Metals") announced that it has entered into definitive subscription agreements with Niocan Inc. ("Niocan")(News - Market indicators) for the purchase, on a private placement basis, of 1,750 units (the "Units") at a purchase price of $1,000 per Unit, for an aggregate gross price of $1,750,000 (all figures in Canadian Dollars). Each Unit is comprised of one $1,000 principal amount of secured debenture ("Debenture") and 520 transferable common share purchase warrants of Niocan (each, a "Warrant"). Each Warrant expires on the day that is 3 years from the date of the issuance of the Warrant. Each Debenture bears an interest rate of 12% per annum. The principal amount and interest may be payable in cash or common shares of Niocan ("Common Shares") at Niocan's sole option, with the number of shares to be determined based on a price that is the greater of $1.45 per Common Share and a calculation based on the then current market price of Niocan's Common Shares. Niocan will also have the right to redeem the Debentures prior to maturity at a cash redemption price of 105% of the principal amount. Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $1.45 until 5:00 p.m. on the day that is three years from the date of the issuance of the Warrant.

The Units are being acquired for investment purposes and Nio-Metals and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of Niocan whether in the open market, by privately negotiated agreement or otherwise.

Nio-Metals Holdings LLC is located at 535 Madison Avenue, 11^th Floor, New York, NY 10022. A copy of the report relating to this acquisition can be obtained from Michael Williams 646-365-1600 or on Niocan's profile at www.SEDAR.com.