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Ucore Rare Metals Announces Non-Brokered Private Placement of Units
Halifax, Nova Scotia--(Newsfile Corp. - January 28, 2021) - Ucore Rare Metals Inc. (TSXV: ...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Rare Metals Announces Non-Brokered Private Placement of UnitsHalifax, Nova Scotia--(Newsfile Corp. - January 28, 2021) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce that it has received commitments from lead orders for an expected C$5 million private placement of units (the \"Units\") on a non-brokered basis at a price of C$1.00 per Unit (the \"Private Placement\"). Each Unit will consist 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 will entitle 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 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.As at the date hereof, the Company has received commitments from lead order investors and the Company currently expects the Private Placement to be fully subscribed. Since the Units are priced at a discount from recent trading prices for the Common Shares, the Company's Board of Directors has determined that subscriptions for Units from non-insiders will be given priority consideration. Any accredited investor interested in participating in the Private Placement should contact Mark MacDonald (Vice President, Investor Relations, Tel: +1 902 482 5214, Email: [email protected]). The target date for receiving all completed subscription materials is February 1, 2021 and the target date for closing the Private Placement is February 4, 2021.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 tec...