Niocorp Developments Ltd (NB)

[Middleborder]

A.O. If I were M.S.arranging final start up financing I would try to time it to coincide with the actual beginning of site preparation and need to purchase equipment. In Nebraska I would try to time that for sometime in mid to late April Early May for decent weather and for a full summer to finish Site preparation and start to begin building the processing facility. It would also allow time for the start of ground freezing around the anticipated shaft site.

Why? If you have a F.Agreement you do not want to start making interest payments unless you actually begin using that money for your project. I am thinking Early or Mid April although you could announce Earlier.

The financing group or groups may advance an initial amount toward the total for initial site preparation. Niocorp will probably receive subsequent financing in a series of payments advanced upon completion of different stages of construction. If M.S. structures the F.A. in this way it would probably be done to minimize ongoing interest payments to amounts actually received/utilized, and to allow the Financing authority the ability raise capital through private placement or bond subscriptions on a stepped "as you go basis."

So, Assuming Starting financing around the start of NE contruction season? (All other conditions having been addressed!)