Business
Ucore Updates on Acquisition of IBC Legal Process
Halifax, Nova Scotia--(Newsfile Corp. - April 29, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) ...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Updates on Acquisition of IBC Legal ProcessHalifax, Nova Scotia--(Newsfile Corp. - April 29, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to provide an update on the legal proceedings in Nova Scotia commenced on December 11, 2018 involving the prospective acquisition of IBC Advanced Technologies, Inc. (\"IBC\").During a hearing on April 23, 2019, the Supreme Court of Nova Scotia (the \"Court\") dismissed a motion submitted by IBC and Steven R. Izatt asking the Court to dismiss or permanently stay proceedings before the Court on the basis that i) the Court does not have jurisdiction to hear the amended Application submitted by Ucore; or ii) in the alternative, on the basis that the Supreme Court of Nova Scotia is a forum non conveniens. The Court confirmed that IBC had, i) by its actions, submitted to having the dispute heard in Nova Scotia, and ii) that there is no other, more appropriate, forum for the parties' litigation. Additionally, Ucore was also awarded court costs to be paid by IBC, and IBC was instructed to file its defense by May 17, 2019.A corresponding written Order from the Court was issued on April 24, 2019, and a written Decision from the Court followed on April 26, 2019. IBC has appealed this Order to the Nova Scotia Court of Appeal; the appeal is scheduled to be heard on an expedited basis on June 19, 2019.Due to this appeal, the following has occurred:With the interim injunction Ucore secured on February 27, 2019, in place, Ucore has agreed to adjourn the hearing of an interlocutory injunction from April 30, 2019, until after the appeal is determined (see Ucore press release dated April 8, 2019); andUcore has also agreed to permit IBC an extension on its deadline to file a defence until ten days after the appeal is determined.\"Ucore continues to pursue all legal remedies at its disposal to reach a timely conclusion to this matter,\" said Ucore President & CEO, Jim McKenzie. \"The Company is grateful to the Nova Scotia legal system for its diligence in expeditiously considering this case.\"Decisions of the Supreme Court of Nova Scotia may be accessed from its website, as they are posted by the Court: http://courts.ns.ca/Decisions_Of_Courts/decisions_recent.htm. More information on the Nova Scotia proceedings can be obtained in person at the Law Co...