Business
N.S. Appeal Court Decides In Ucore's Favour; IBC Must File Defence Within 10 Days
Halifax, Nova Scotia--(Newsfile Corp. - October 9, 2019) - Ucore Rare Metals Inc. (TSXV: UCU...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"N.S. Appeal Court Decides In Ucore's Favour; IBC Must File Defence Within 10 DaysHalifax, Nova Scotia--(Newsfile Corp. - October 9, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\", the \"Company\", or the \"Respondent\") is pleased to provide an update on the legal proceedings in Nova Scotia commenced on December 11, 2018, (the \"Action\") involving the prospective acquisition of IBC Advanced Technologies, Inc. (\"IBC\") and specifically, the enforceability of the Option to Purchase Agreement (\"OTP\") and defamatory public comments made by IBC and Steven R. Izatt (collectively the \"Appellants\").On April 23, 2019, Ucore successfully opposed IBC's motion challenging the Nova Scotia Courts' jurisdiction over the parties' disputes (the \"Decision\"). On June 19, 2019, IBC's appeal of that decision was heard by the Nova Scotia Court of Appeal (the \"NSCA\"). On October 9, 2019, the NSCA issued a decision (the \"Appeal Decision\") dismissing IBC's appeal and confirming i) that IBC had, by its actions, submitted to have the amended claims heard in Nova Scotia, and ii) that there is no other, more appropriate, forum for the parties' litigation for the amended claims. Additionally, Ucore was awarded its costs on the appeal to be paid by IBC.\"This Appeal Decision is a yet another court ruling in favour of Ucore on our unchanging path towards the acquisition of IBC,\" said Jim McKenzie, President & CEO of Ucore. \"IBC has sought to prevent the lawful execution of Ucore's right to exercise the Option to Purchase Agreement (the \"OTP\") of IBC. This Appeal Decision sets the stage to fully remedy that situation, and we are grateful to the Nova Scotia Supreme Court for the original Decision which determined that Nova Scotia is the most appropriate forum to determine the outcome of this critical question regarding the enforceability of the OTP; and to the Nova Scotia Court of Appeal for their affirmation of that Decision.\"\"Today, the legal proceedings march ahead based upon this Appeal Decision, with IBC having just 10 days to submit their defence and counterclaims against this amended Action,\" stated Mike Schrider, COO of Ucore. \"With the Nova Scotia trial venue now set, our legal advisors are working to pursue timely and complete resolution to this matter on behalf of the Company. Our day-to-day attention cont...