Business
Ucore Announces Increase in Private Placement Financing
Halifax, Nova Scotia--(Newsfile Corp. - December 7, 2022) - On December 6, 2022, Ucore Rare Met...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Announces Increase in Private Placement FinancingHalifax, Nova Scotia--(Newsfile Corp. - December 7, 2022) - On December 6, 2022, Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") announced its plans to complete a non-brokered private placement of approximately 3.1 million units (\"Units\") for total proceeds of $2 million (the \"Offering\"). The Company is pleased to announce that it has received expressions of interest that are expected to result in subscriptions for Units from accredited investors in an amount in excess of the previously announced $2 million limit and that the Company intends to increase the size of the Offering and accept orders in excess of that amount. The Company will provide another update about the status of the upsized Offering in the coming days.Proceeds from the Offering are expected to be used towards the commissioning of the Company's planned RapidSX™ demonstration plant; the processing of initial feedstock through the demonstration plant; finalization of offtake and feedstock agreements; engineering work for the proposed Strategic Metals Complex in Louisiana, USA; and for general working capital purposes.Each Unit will consist of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.85 for a 24-month term.Each Unit will be priced at $0.65. Pursuant to National Instrument 45-102 – Resale of Securities, the Common Shares, Warrants, and any underlying Common Shares to be issued upon exercise of the Warrants will be subject to a four-month hold period commencing on the closing date of the Offering. Additional hold periods and/or trading or resale restrictions may also apply in the United States.The issuance of the securities offered pursuant to the Offering is expected to be completed on a private placement and prospectus-exempt basis, as applicable, such that the distributions will be exempt from any applicable prospectus and securities registration requirements.The closing of the Offering and the issuance of the Common Shares and Warrants will be conditional upon the final approval of the TSX Venture Exchange (the \"TSXV\"). The closing of the Offering is expected to take place on or about December 15, 20...