Business
Ucore Announces Closing of First Tranche Private Placement
Ucore Announces Closing of First Tranche Private Placement Canada NewsWire /THI...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"\n \n \n \n Ucore Announces Closing of First Tranche Private Placement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n July 27, 2023\n \n \n /CNW/ -\n \n \n Ucore Rare Metals Inc.\n \n \n (TSXV: UCU) (OTCQX: UURAF)\n \n (\n \n \"\n \n Ucore\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has closed the first of two tranches (the \"\n \n First Tranche\n \n \") of its previously announced private placement offering (the \"\n \n Offering\n \n \") of units of the Company (the \"\n \n Units\n \n \"), pursuant to which the Company issued 4,409,500 Units at a price of\n \n $1.00\n \n per Unit (the \"\n \n Offering Price\n \n \") for aggregate gross proceeds of\n \n $4,409,500\n \n . The Company expects to complete the second tranche of the Offering (the \"\n \n Second Tranche\n \n \") on or about\n \n July 28, 2023\n \n .\n \n \n 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 \"\n \n Agents\n \n \").\n \n \n Each Unit is comprised of one common share in the capital of the Company (each, a \"\n \n Common Share\n \n \") and one-half of one Common Share purchase warrant (each whole warrant, a \"\n \n Warrant\n \n \"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of\n \n $1.25\n \n per Common Share for a period of 36 months following the closing date of the First Tranche (the \"\n \n First Closing Date\n \n \").\n \n \n The Company plans to use the net proceeds of the Offering for the following: (i) completing the commission trials at the Company's RapidSX\n \n TM\n \n rare earth element (\"\n \n REE\n \n \") commercial demonstration plant located in\n \n Kingston, Ontario\n ...