We trapped an unknown metastable boride by applying low-temperature solution synthesis. Single-phase nickel boride, Ni7B3, was obtained as bulk samples of microcrystalline powders when annealing the amorphous, nanoscale precipitate that is formed in aqueous solution of nickel chloride upon reaction with sodium tetrahydridoborate. Its crystal structure was solved based on a disordered Th7Fe3-type model (hexagonal crystal system, space group P6(3)mc, no. 186, a = 696.836(4) pm, c = 439.402(4) pm), using synchrotron X-ray powder data. Magnetic measurements reveal paramagnetism, which is in accordance with quantum chemical calculations. According to high-temperature X-ray diffraction and differential scanning calorimetry this nickel boride phase has a narrow stability window between 300 and 424 degrees C. It crystallizes at ca. 350 degrees C, then starts decomposing to form Ni3B and Ni2B above 375 degrees C, and shows an exothermic effect at 424 degrees C.