look like the court cases are just about wrapped up .
Ucore Advances Nova Scotia Case Involving Acquisition of IBC
V.UCU | 3 hours ago
Halifax, Nova Scotia--(Newsfile Corp. - October 31, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") announces the following updates regarding legal actions stemming from the proposed acquisition of IBC Advanced Technologies, Inc. and specifically, the enforceability of the Option to Purchase Agreement ("OTP") and allegedly defamatory public comments made by IBC Advanced Technologies, Inc. and Steven R. Izatt (collectively, "IBC").
Ucore vs. IBC commenced on December 11, 2018, in the Supreme Court of Nova Scotia. After an extensive jurisdictional appeal process, initiated by IBC, including a refusal to stay the proceedings by the Supreme Court of Canada, IBC filed their defence on October 21, 2019. This now marks the commencement of the disclosure of documentation period leading to examinations for discovery. The earlier interim injunction preserving the status quo while the matter is litigated will be considered in an interlocutory injunction hearing, which will proceed at 9:30 a.m. on December 4, 2019.
"Ucore is grateful to the Canadian and Nova Scotia legal system for their decisive rulings to ensure that this dispute is rightfully considered where it was first filed, in the Supreme Court of Nova Scotia," stated Jim McKenzie, Ucore President & CEO.
Other Recent Litigation Updates
IBC vs. Ucore, et al. commenced on February 19, 2019, and is currently before the U.S. District Court, District of Utah (the "U.S. Federal Court") which decided on October 25, 2019, to uphold jurisdiction in this aspect of the dispute. .
IBC vs. Michael L. Schrider (Ucore's COO), et al. commenced on October 18, 2019 and is currently before the U.S. Federal Court involving unfounded allegations, made by IBC, of misconduct regarding a non-disclosure agreement. IBC had previously obtained a Temporary Restraining Order ("TRO") in connection with that litigation. The TRO was obtained without prior notice to Mr. Schrider. That TRO was rendered moot, and expired on Monday, October 28, 2019, at 4:23 p.m. MDT by its own terms. It has not been extended. A scheduling conference is planned for Thursday, October 31, 2019, in Federal Court.
Decisions of the Nova Scotia Supreme Courtand the Nova Scotia Court of Appeal may be accessed from its website, as they are posted by the courts: https://decisions.courts.ns.ca/nsc/en/nav.do. More information on the Nova Scotia proceedings can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. More information on the Nova Scotia and other proceedings, generally, can be obtained under the Company's profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or info@ucore.com.
About Ucore
Ucore Rare Metals is a company focused on rare and critical metals resources, extraction and beneficiation technologies with near term potential for production, growth, and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.
Ucore's vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Alaska SMC in Southeast Alaska and the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska (an NI-43-101 technical report was filed on SEDAR on March 14, 2013).
For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit < http://www.ucore.com>.
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