Ucore Rare Metals Inc. V.UCU

Alternate Symbol(s): UURAF

Metals & Mining Industrial Metals & Minerals

Ucore is focused on rare and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

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Ucore Rare Metals Inc.

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Comment by Beerpersonon Apr 12, 2020 4:01am

142 Views

Post# 30900247

RE:I like BEER more than LAW and

Admittedly, I am a UCORE cheerleader and I have zero law experience.  Certainly these two flaws have helped me to over present the UCORE favoured side of the argument and perhaps unfairly denounce IBC.  I humbly request that everyone please accept my necessary apology.  Much of the confusion in this appears to revolve around miscommunication.  Some of which may be intentional and some of which may be wishfully inferred.   There appears to be a number of agreements, some verbal, some on paper and some that at least one of the parties believes to remain forthcoming.  I think generally in contractual arguments the law tends to favour that which is written over that which is spoken.  Further both types communications are subject to a parties understanding and perhaps later a legal judgment about the meaning or effect.     Upon further review, and in regards to my referencing a potential lack of documents in my previous post,  I have enclosed a list of subsections that reference official notifications that IBC claims to have occurred between one party or another specific to the topics of amendments or breaches.  There may be others I have missed - feel free to add.  I find (148) & (167) potentially troublesome to UCORE.    140. On March 20, 2017, Ucore sent a letter to IBC apologizing for issuing the Option Agreement Announcement.   143. On March 28, 2017, Ucore sent IBC a letter stating, “Ucore shall provide IBC with a draft of the long form operating agreement (as referred to in the Research Agreement as soon as possible and as Ucore’s top priority (which shall then be discussed with IBC for the mutually-beneficial launch of Newco)” (emphasis added).   148. Subsequent to the March letters and discussions between McKenzie and Steven R. Izatt, from May through December 2017, Ucore and IBC spent many hours and resources negotiating, drafting, and revising the aforementioned agreements and the JV. Included in the documentation, Ucore sent an agreement, drafted by Ucore, terminating the Option Agreement.   167. IBC sent Ucore four (4) Notices of Default on March 16, 2017, November 14, 2018, December 8, 2018, and February 1, 2019.   196. On February 19, 2019, IBC issued a Notice of Termination of the Option Agreement to Ucore.    197. Pursuant to Paragraph 5 of the Option Agreement, Ucore’s receipt of the Notice of Termination terminated the Option Agreement in full, and, as a result, there are no further obligations on the part of any party thereunder     One would believe that certainly there are many more communications from IBC to UCORE.  It should be noted that a very large number of grievances stated by IBC in the filing have occurred after the date on which UCORE stated that they would exercise the OTP.   Some of the grievances seem to play both sides of the argument.  We can’t accept the OTP because “X” or UCORE can’t fulfill a portion of the OTP because “Y”.  IBC needs to decide if they want to battle on the basis of "UCORE can’t meet the obligations of the OTP" or if they want to battle on the basis that "UCORE breached or may have breached part of the agreement".  I don’t see how one can fight from both positions at once.  Pick a side.  This "straddled" position seems to reflect what I have seen posted from other cases on this OTP wrestlefest.     BEER

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