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Ucore Rare Metals Announces Closing of Non-Brokered Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - February 9, 2021) -   Ucore Rare Metals Inc. &#...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Rare Metals Announces Closing of Non-Brokered Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - February 9, 2021) -  Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce that further to its previous announcements, the Company has closed its non-brokered private placement (the \"Private Placement\") consisting of an aggregate of 6,700,000 units (the \"Units\") at a subscription price of C$1.00 per Unit, for aggregate gross proceeds to the Company of C$6.7 million.Each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one additional Common Share at a price of C$1.50 per share for a period of 36 months from the date of issuance, provided that, if over a period of 10 consecutive trading days between the date that is four months and a day from the date of issuance of the Warrants and the date that the Warrants would otherwise expire, the closing price of the Common Shares on the TSX Venture Exchange (the \"TSXV\") is equal to or greater than C$1.75, then the Company may, at its option, elect to accelerate the expiry of the Warrants (the \"Acceleration Provision\") by providing notice to the holders thereof within 10 calendar days following the end of such 10 consecutive trading day period, in which case the Warrants will expire 30 calendar days following the end of such 10 consecutive trading day period.The Company intends to use the net proceeds from the Private Placement to: (i) further accelerate the development of Innovation Metals Corp.'s commercialization program for its RapidSX™ separation technology; (ii) continue the development of the Company's plans for its intended Alaska Strategic Metals Complex; and (iii) for general corporate and working capital purposes, all of which is expected to advance the Company's business plans and capabilities towards its goal of earning revenue from licensing, product sales, tolling and production activities. No cash commission fee expenses were incurred by the Company pursuant to the Private Placement. Finders' fees totalling an aggregate of 306,060 compensation options (the \"Finders Warrants\") were issued to certain arm's-length finders in connecti...