Business
Concept Capital Management Ltd. Acquires Units of Ucore Rare Metals Inc.
This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and ...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Concept Capital Management Ltd. Acquires Units of Ucore Rare Metals 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.Toronto, Ontario--(Newsfile Corp. - February 9, 2021) - On February 8, 2021, Ucore Rare Metals Inc. (TSXV: UCU) (the \"Issuer\" or \"Ucore\") closed a non-brokered private placement that Ucore had announced via a press release on January 28, 2021 (the \"Offering\"). The closing of the Offering consisted of the issuance of an aggregate of 6,700,000 units (\"Units\") at a subscription price of C$1.00 per Unit, for aggregate gross proceeds to the Issuer of C$6.7 million. Each Unit consists of one common share of Ucore (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Following the closing of the Offering, Ucore has 47,749,982 Common Shares issued and outstanding.At the time of the previous early warning report filed by Concept Capital Management Ltd. (\"CCM\") in regards to its security holdings in Ucore, which is dated November 6, 2019, CCM directly or indirectly held beneficial ownership of, and control and direction over, a total of 4,389,503 Common Shares and 25,000 Warrants (as adjusted for the Issuer's 1-for-10 share consolidation that occurred on December 11, 2020), representing approximately 12.02% of the issued and outstanding Shares (on a non-diluted basis) or approximately 12.08% upon exercise of the Warrants (assuming the exercise of all of the Warrants beneficially owned by CCM, and that no other securities, including those convertible into, or exercisable for, the Issuer's securities, are issued, converted or exercised).On May 29, 2020, Ucore announced that it had closed the second and final tranche of a non-brokered private placement of unsecured convertible debentures (\"Convertible Debentures\"). Pursuant to this offering of Convertible Debentures, Ucore issued 2,800 Convertible Debentures at a price of C$1,000 per debenture for aggregate gross proceeds of C$2.8 million. The Convertible Debentures bear interest at a rate of 7.5%, payable semi-annually on the last day of May and November of each year, commencing on November 30, 2020, and have a three-year term (the \"Term\")...