• Ucore Rare Metals (UCU) has closed its non-brokered private placement for gross proceeds of $4,586,266.75
  • The private placement consisted of a total of 7,055,795 units at a subscription price of $0.65 per unit
  • The company intends to use the proceeds from the offering towards the commissioning of its planned RapidSXdemonstration plant and other programs
  • Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability
  • Ucore Rare Metals Inc. was up 2.817 per cent, trading at $0.73 at 9:59 AM ET

Ucore Rare Metals (UCU) has closed its previously announced non-brokered private placement for gross proceeds of $4,586,266.75.

The private placement consisted of 7,055,795 units at $0.65 per unit. Each unit consisted of one common share of the company and one common share purchase warrant.

Each warrant entitles the holder to purchase one common share at a price of $0.85 for a 24-month term.

The company intends to use the proceeds from the offering towards the commissioning of its planned RapidSXdemonstration plant and other programs.

Under the private placement, Orca Holdings, LLC (a company owned and controlled by Randy Johnson, a director of the company) subscribed for 1,785,000 units for gross proceeds of $1,160,250, which is considered to be a related party transaction within the meaning of Multilateral Instrument 61-01 Protection of Minority Security Holders in Special Transactions (MI 61-101).

Before the private placement, Ucore had 49,084,130 common shares that were issued and outstanding.

Johnson, directly or indirectly, held beneficial ownership of, and control and direction over, a total of 5,092,406 common shares, 3,000,000 warrants, and 265,000 stock options of Ucore.

This represents approximately 10.37 per cent of the issued and outstanding common shares (on a non-diluted basis) or approximately 15.96 per cent upon the exercise of the warrants and the stock options (on a partially diluted basis).

With the closing of the private placement, Ucore has 56,139,925 common shares that are issued and outstanding. Following the closing of the private placement, Johnson, directly or indirectly, holds beneficial ownership of, and control and direction over, a total of 6,877,406 common shares, 4,785,000 warrants, and 265,000 stock options of the company.

This represents approximately 12.25 per cent of the issued and outstanding common shares (on a non-diluted basis) or approximately 19.49 per cent upon the exercise of the warrants and the stock options (on a partially diluted basis).

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability.

Ucore Rare Metals Inc. was up 2.817 per cent, trading at $0.73 at 9:59 AM ET.


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