- Ucore (UCU) has received a US$2M secured line of credit facility to be used to continue the development of the company’s RapidSX commercial demonstration plant
- The demo plant is currently scheduled for commissioning in Q4 of 2022
- The financing has been extended by Orca Holdings, LLC
- Drawdowns on the line of credit will be available in multiples of US$100,000 and carry interest at a rate of 9 per cent per annum and is repayable by July 23, 2022
- Ucore Rare Metals is focused on rare and critical metals resources, extraction, beneficiation and separation technologies
- Ucore Rare Metals Inc. (UCU) is up 4.84 per cent on the day, trading at $0.65 per share at 12:30 pm ET
Ucore (UCU) has received a US$2M secured line of credit facility from Orca Holdings, LLC.
The funding will be used to continue the development of the company’s RapidSX commercial demonstration plant.
As previously reported, the demo plant is currently scheduled for commissioning in Q4 of 2022.
In consideration of the financing, two million warrants will be issued to Orca, with each warrant entitling Orca to acquire one common share of Ucore during a one-year term ending on July 20, 2023.
Pat Ryan, Chairman and CEO of Ucore, commented on the financing.
“Ucore is committed to its REE commercialization pathway and is very appreciative of Orca’s continued financial support as we rapidly approach the commercial demonstration of our RapidSX™ technology through the Demo Plant.
Ucore is already working towards developing the funding required to build its first Strategic Metals Complex (SMC) primarily through non-dilutive funding sources. These include debt financing opportunities through government-supported loan programs and prospective advance payment & supply offtake agreements with Western electric vehicle manufacturers and other downstream customers of the SMCs.”
Drawdowns on the line of credit will be available in multiples of US$100,000 and carry interest at a rate of 9 per cent per annum. All amounts owing under the Line of Credit will be repayable by July 23, 2022. The line of credit is secured by a General Security Agreement over Ucore’s assets.
Ucore Rare Metals is focused on rare and critical metals resources, extraction, beneficiation and separation technologies.
Ucore Rare Metals Inc. (UCU) is up 4.84 per cent on the day, trading at $0.65 per share at 12:30 pm ET.