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Ucore Announces Brokered LIFE Offering of Units for up to $10 Million
Halifax, Nova Scotia--(Newsfile Corp. - June 3, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Announces Brokered LIFE Offering of Units for up to $10 MillionHalifax, Nova Scotia--(Newsfile Corp. - June 3, 2025) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") has entered into an engagement letter with Red Cloud Securities Inc. (the \"Lead Agent\"), on behalf of a syndicate of agents (collectively, the \"Agents\"), in connection with a \"best efforts\" agency basis private placement of units of the Company (the \"Units\") at a price of $1.20 per Unit (the \"Offering Price\") for maximum gross proceeds of $10 million (the \"Offering\"). Each Unit will consist of one common share in the capital of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share (a \"Warrant Share\") for a period of 36 months following the closing date of the Offering at an exercise price of $1.75. The Company has granted the Agents an option (the \"Agents' Option\"), exercisable in whole or in part prior to the closing of the Offering, to offer and sell up to an additional 1,250,000 Units at the Offering Price, for additional gross proceeds of up to $1.5 million. If the Agents' Option is exercised in full, the aggregate gross proceeds to the Company will be $11.5 million.The Units to be issued under the Offering will be offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (\"NI 45-106\"), in all the provinces of Canada, except Québec. The Units will not be subject to resale restrictions pursuant to applicable Canadian securities laws. The Agents will also be entitled to offer the Units for sale in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in those other jurisdictions outside of Canada and the United States provided it is understood that no prospectus filing or comparable obligation arises in such other jurisdiction.The net proceeds of the Offering are expected to be used for the following: (i) finalization of upstream mixed-rare-earth feedstock agreements and downstream customer offtake agreements for the Company's planned strategic metals com...