Update on Niocan’s Private Placement Financing with Forbes & Manhattan

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Posted on May 27, 2011

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Update on Niocan’s Private Placement Financing with Forbes & Manhattan

Toronto, Ontario, May 27, 2011: On May 4, 2011, Niocan Inc. (“Niocan” or the “Company”)
(TSX-NIO) announced that the Company had entered into a binding letter of intent (the “LOI”)
with Forbes & Manhattan, Inc. (“F&M”) whereby F&M, its affiliates and/or assigns would provide
Niocan with the lead order for a private placement of 5,157,000 common shares of Niocan at a
price of $1.15 per share. On May 20, 2011, Niocan announced that the Company had agreed to
extend the exclusivity period in the LOI to May 27, 2011 to allow additional time to complete due
diligence and negotiate a definitive subscription agreement. Discussions between the parties
are still ongoing and as a result, the Company has agreed to further extend the exclusivity
period to June 3, 2011.

About F&M
F&M is a leading merchant bank with a proven track record in managing, developing and
operating iron ore and strategic minerals companies globally. F&M participated in the
development of Consolidated Thompson Iron Mines Ltd. and the Bloom Lake deposit, resulting
in a resource expansion, off-take arrangements with a strategic investor, commercial production
and the subsequent sale to Cliffs Natural Resources Inc. F&M has also been involved in the
management and development of Alderon Resource Corp. Alderon’s Kami property is
strategically located within the Labrador Trough in close proximity to Consolidated Thompson’s
Bloom Lake mine, IOC’s Carol Lake mine and Cliffs Natural Resources Scully mine. F&M has
also been instrumental in the development of the Shymanivske and Zelenivske iron ore projects
located in Krivoy Rog, Ukraine, which are 100% owned by Black Iron Inc.

About Niocan
Niocan’s mission is to become a ferroniobium producer as soon as possible, following the
issuance of a Certificate of Authorization from the Ministry of Sustainable Development,
Environment and Parks for its Oka niobium property. Mining assets include mining rights in two
(2) properties: 48 claims covering 1604 acres as well as surface rights on 231 acres at Oka and
the Hudson Bay Great Whale Iron property covering 17,098 acres.
2000 rue Peel, bureau 760
Montréal (Québec) H3A 2W5
Tél: (514) 288-8506
Fax: (514) 843-4809

On behalf of the Board of Directors
For more information, please contact
Hubert Marleau
Interim Chairman of the Board and CEO
514-288-8506
514-843-4809 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Published in 2011