RE:RE:RE:RE:RE:RE:Yesterday's Bob I trust these guys as far as I can throw them
Halifax, Nova Scotia--(Newsfile Corp. - October 25, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the completion of its rights offering (the "Rights Offering" or "RO"), which expired at 5:00 pm EDT on October 23, 2019. The Rights Offering will result in the expected issuance of approximately 80,986,555 common shares of Ucore ("Common Shares") at a price of $0.10 CAD per share for gross proceeds of approximately $8,098,656 CAD.
Ucore is now working with its subscription agent to process the subscriptions and the exact amounts exercised under the basic subscription privilege and the additional subscription privilege in connection with the Rights Offering. The Company will provide further details, including information required by National Instrument 45-106 - Prospectus Exemptions, once available. The closing of the Rights Offering and the issuance of the underlying Common Shares are expected to occur in the next few business days.
"The completion of the Rights Offering provides an important source of increased momentum at a crucial point in Ucore's growth curve," said Jim McKenzie, President & CEO of Ucore. "It represents one of the most significant single-round infusions of equity capital ever for Ucore. Perhaps most remarkable is the level of participation from investors not typical to public financings. The substantial capital injection affords us the fire-power to pursue even more significant infusions from the State of Alaska and U.S. Federal initiatives."
"We'd like to mark the moment by expressing our deep appreciation for the confidence that our shareholders have signaled to us," said Mike Schrider, COO of Ucore. "That confidence deepens our determination to deliver on our vision for Ucore's comprehensive M3 Plan of Action, and to the promise of an independent US-based Heavy REE supply chain serving the most critical and fastest-growing American industries."
"Interest in this Rights Offering has been exceptional. Regrettably, a significant number of Ucore shareholders were deemed ineligible to participate in this Rights Offering due to limited timing, regulatory and locational issues associated with the particular RO subscription process that circumstances dictated we select," said Peter Manuel, CFO of Ucore. "However, we thank all of our shareholders for their extraordinary level of continued support of Ucore. A special word of thanks to our major shareholders and insiders for their avid participation in this financing process."
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