Business
Supreme Court of Canada Rules in Favour of Ucore
Halifax, Nova Scotia--(Newsfile Corp. - October 21, 2019) - Ucore Rare Metals Inc. (TSXV: U...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Supreme Court of Canada Rules in Favour of UcoreHalifax, Nova Scotia--(Newsfile Corp. - October 21, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") 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. 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\").On October 16, 2019, IBC submitted a motion seeking from the Supreme Court of Canada (the \"SCC\") an Order staying all proceedings pending resolution of IBC's request for leave to the SCC. At 4:37 p.m. E.D.T. on October 18, 2019, the SCC issued an Order dismissing IBC's motion and denying any stay of proceedings. \"IBC has now exhausted all levels of Court in Canada in an effort to forestall having to file its pleadings in Nova Scotia. Ucore has been successful in every instance. IBC must now file its defence and counterclaims by October 21, 2019,\" stated Mike Schrider, Ucore COO. \"Each time Ucore has been given an opportunity to present counter-arguments and correct the factual record, IBC has failed to advance its unfounded, false and offensive allegations against Ucore and some of its executives - in any jurisdiction [see Table 1]. Notwithstanding extensive measures by IBC to delay and avoid this Action, we look forward to receiving IBC's pleadings in Nova Scotia on October 21, 2019, so that this matter may finally be dealt with on its merits, where it belongs and in a timely fashion.\"\"Ucore is extremely grateful to the Supreme Court of Nova Scotia, the Nova Scotia Court of Appeal, and the Supreme Court of Canada for their just and expeditious decisions regarding the continuation of this Action in Nova Scotia,\" said Jim McKenzie, President & CEO of Ucore. \"IBC has and continues to take extraordinary measures to derail the rightful adjudication of this dispute in the Supreme Court of Nova Scotia, however that is where the dispute regarding the lawful acquisition of IBC will now proceed.\"Table 1 denotes the record to date of all significant court events, rulings and decisions between Ucore and IBC:Table 1 - Significant Court EventsCase ...