Ucore Extends Term of Outstanding Convertible Debentures and Provides Corporate Update

About this update from Ucore Rare Metals Inc.

[{"type":"text","content":"Ucore Extends Term of Outstanding Convertible Debentures and Provides Corporate UpdateHalifax, Nova Scotia--(Newsfile Corp. - May 10, 2023) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce that it intends to extend the term of certain outstanding convertible debentures which currently have a maturity date of May 31, 2023 (the \"Convertible Debentures\").The Convertible Debentures were originally issued in May of 2020, with a three-year term. On May 21 and 29, 2020, the Company issued 1,280 and 1,520 Convertible Debentures respectively, with a face value of $1,000 each for total gross proceeds of $2.8 million. These unsecured Convertible Debentures bear interest at a rate of 7.5% payable semi-annually and mature on May 31, 2023. Pursuant to the terms of the Convertible Debentures, the Company has the option to extend the maturity date by one year in exchange for the payment of an extension fee equal to 6-months interest. The Company intends to exercise its right to extend the maturity date of the remaining outstanding Convertible Debentures by one year, with a resulting maturity date of May 31, 2024 (the \"Maturity Date\"), and to pay the extension fee of $47,063.At any time during the term of the Convertible Debentures, a holder may elect to convert the outstanding net principal amount, or any portion thereof, into units (\"Units\") at a conversion price of $1.20 per Unit (the \"Conversion Price\"). Each Unit shall consist of one common share of the Company (a \"Common Share\") and one-half of a warrant (\"Warrant\"), with each whole Warrant entitling the holder to acquire a Common Share at an exercise price of $1.80 for a period ending on the Maturity Date.As of May 3, 2023, a total of 1,545 Convertible Debentures have been previously converted into Units, resulting in the issue of 1,287,483 Common Shares and 643,746 Warrants. As a result, a total of 1,255 Convertible Debentures remain outstanding as at today's date.The Company further reports that it intends to extend the term of the previously issued Warrants by one year, to match the revised term of the Convertible Debentures. A total of 643,746 Warrants will now have a term ending on May 31, 2024, the Maturity Date. The extension of the term of the Warrants will be conditional upon the approval of the TSX Venture Exch...

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