Business
Ucore Initiates Acquisition of IBC
Halifax, Nova Scotia--(Newsfile Corp. - February 14, 2019) - Ucore Rare Metals Inc. (TSXV: UC...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Initiates Acquisition of IBCHalifax, Nova Scotia--(Newsfile Corp. - February 14, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce that earlier this morning the Company issued the Notice of Commencement (\"NOC\") to purchase IBC Advanced Technologies, Inc. (\"IBC\") as prescribed by the terms previously agreed to by Ucore, IBC, and the majority shareholders of IBC, and as embodied in the Option to Purchase Agreement dated March 14, 2015, as amended (the \"OTP Agreement\").The delivery of the NOC initiates a 60-day period review during which Ucore has the right to conduct a detailed due diligence review of IBC's operations and financial records (the \"Due Diligence\"). At any time during this review Ucore has the right to issue to IBC a Notice of Positive Due Diligence (\"NOP\"), which triggers the closing process designed to transfer ownership of the controlling stake in IBC to Ucore (the \"Closing Process\").\"Ucore is very pleased to announce to our shareholders that the acquisition process of IBC Advanced Technologies has now commenced,\" said Jim McKenzie, President & CEO of Ucore. \"IBC has over 30 years of history, and extensive intellectual property in regards to the commercialization of supramolecular technology for the mining industry. With installations around the world and with an active revenue base, IBC offers an excellent platform for the provision of precision extraction methodologies to the mining industry. The value of IBC as a strategic asset speaks for itself. Ucore has positioned itself to absorb this asset, and financing discussions have commenced in contemplation of the acquisition expense.\" \"The acquisition of IBC will transition Ucore to active revenue bearing status, and progressively away from reliance on the capital markets,\" continued McKenzie. \"This is a pivotal point that all development stage enterprises seek, and we're delighted to inform that the intended transition has now been initiated. Ucore would like to take this opportunity to assure its shareholders that its claim to IBC under the terms negotiated in 2015 and 2016, remains not only secure and enforceable, but has now in fact transitioned into an active buyout process.\" \"The commencement of the acquisition of IBC will enable Ucore to take the Alaska SMC project, ...