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Ucore Announces Closing of Final Tranche of Private Placement for Total Gross Proceeds of $4.82 Million
Halifax, Nova Scotia--(Newsfile Corp. - July 28, 2023) - Ucore Rare Metals Inc. (TSXV: UCU) ...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Announces Closing of Final Tranche of Private Placement for Total Gross Proceeds of $4.82 MillionHalifax, Nova Scotia--(Newsfile Corp. - July 28, 2023) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce that it has closed the second and final tranche (the \"Second Tranche\") of its previously announced private placement offering (the \"Offering\") of units of the Company (the \"Units\"), with the Second Tranche consisting of 413,000 Units at a price of $1.00 per Unit (the \"Offering Price\") for additional gross proceeds of $413,000. Together with the initial tranche of the Offering (the \"First Tranche\"), which closed yesterday with proceeds of $4,409,500, the Company has raised an aggregate of $4,822,500 from the Offering through the issuance of 4,822,500 Units. The brokered portion of the First Tranche was led by Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents that included Canaccord Genuity Corp. and Echelon Wealth Partners Inc. (collectively, the \"Agents\"). For more information on the Offering and the closing of the First Tranche, please see the Company's press release dated July 27, 2023, which is available under the Company's SEDAR profile at www.sedar.com.Each Unit is comprised of one common share in the capital of the Company (each, a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.25 per Common Share for a period of 36 months following the date of issuance.The Company plans to use the net proceeds of the Offering for the following: (i) completing the commission trials at the Company's RapidSXTM rare earth element (\"REE\") commercial demonstration plant located in Kingston, Ontario (the \"Demo Plant\"); and (ii) working capital purposes.In addition to the cash advisory fee and advisory fee Compensation Options described in the aforementioned press release of the Company dated July 27, 2023, pursuant to an advisory agreement between the Agents and the Company, the Company has paid the Agents an additional advisory fee of $12,390, plus applicable taxes, and the Agents have received an additional 12,390 advisory fee Compensation Options to purchase an equal number ...