Niocorp Developments Ltd (NB)

[SkiFunds]

I just don’t get your logic. You say that management screwed up and should have taken a better deal. This deal gives:

- up to $300 m at close
- approx $115 m from warrant exercise
- immediate NASDAQ listing
- substantial Institutional Investors already in
- 7 of 9 director board control
- access to the remaining needed debt

You are saying they should have done better. What do you see as better?

The hardest part of getting this kind of large basically unsecured financing is that the debt guys want to see something tangible from an equity deal before they put up $, and the equity guys want to see something substantial infused like cash before they invest.

This breaks that log jam and gets the $ needed to finish the detailed engineering, begin the mine work, and negotiate the rest of the debt needed to get to full production. It also lets them credibly negotiate contracts for all of the products.

You and many others think this has taken too long, and I agree. But when they make a very good deal (I feel 8 out of 10) you say they should have waited longer for a non existent 9 or 10 out of 10. It’s hard to see the logic in that.