NIO-METALS CONVERTS OUTSTANDING DEBT INTO SHARES OF NIOCAN INC.

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

NEW YORK, March 1, 2022 /CNW/ - Pursuant to the terms of a debt conversion agreement (the "Debt Conversion Agreement"), Nio-Metals Holdings LLC ("Nio-Metals") has converted approximately $3,573,521 in principal and accrued interest owing under the terms of a secured debenture initially issued by Niocan Inc. ("Niocan") to Nio-Metals on February 19, 2013 into an aggregate of 23,823,470 common shares of Niocan (the "Repayment Shares") at an issue price of $0.15 per share in full repayment thereof (the "Debt Conversion").

As a result of the Debt Conversion, Nio-Metals currently owns 36,658,211 common shares representing 48.4% of the issued and outstanding common shares ("Common Shares") of Niocan. Nio-Metals also currently owns $500,000 principal amount of unsecured debentures of Niocan.

The Repayment Shares referred to above were acquired pursuant to the Debt Conversion Agreement 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 the issuer whether in the open market, by privately negotiated agreement or otherwise.

The issuer is located at 1, Place Ville-Marie Suite 1670 Montréal, Québec H3B 2B6.  Nio-Metals is located at 535 Madison Avenue, 12th Floor, New York, NY 10022, USA. A copy of the early warning report to which this news release relates can be obtained from Lillian Saldanha (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com. 

SOURCE Nio-Metals Holdings LLC