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UCU.V |
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Ucore Closes $8.1 Million Rights Offering
V.UCU | 10 hours ago
Halifax, Nova Scotia--(Newsfile Corp. - October 30, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"), is pleased to announce that it has closed its previously announced rights offering which expired on October 23, 2019 ("Rights Offering").
At closing, Ucore issued 80,986,555 common shares of the Company ("Shares") at a price of CAD$0.10 per Share for total gross proceeds of $8,098,655.50. Following the closing of the Rights Offering, Ucore has 365,116,414 Shares issued and outstanding. A total of 66,552,655 Shares were issued pursuant to the basic subscription privilege of the Rights Offering. Of these, 28,184,191 Shares were issued to persons who were insiders of the Company, as a group, and 38,368,464 Shares were issued to all other persons. A total of 14,433,900 Shares were issued pursuant to the additional subscription privilege of the Rights Offering. Of these, 809,259 Shares were issued to persons who were insiders of Ucore, as a group, and 13,624,641 Shares were issued to all other persons. To the knowledge of the Company, after reasonable inquiry, no person became an insider as a result of the Rights Offering.
There were no selling fees or commissions paid in connection with the distribution. The net proceeds of the Rights Offering will be used in the manner disclosed in the rights offering circular of the Company dated September 10, 2019, a copy of which is available on the Company's SEDAR profile at www.sedar.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.more.
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