HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 8, 2016) - Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF)
("Ucore" or the "Company") is pleased to announce that it has filed an application with the TSX Venture Exchange ("TSX-V") to
extend the term of certain share purchase warrants of the Company originally issued on May 13, 2013.
A total of 20,000,000 share purchase warrants were originally issued by the Company pursuant to the closing of the equity
offering as originally announced on May 13, 2013. Each share purchase warrant entitled the holder to purchase one common
share of the company at a price of $0.35 per common share. A total of 16,953,340 of these Warrants remain outstanding as of
this date and are scheduled to expire on December 31, 2016.
As a result of market conditions during the term of the Warrants and the capital raising opportunity represented by the
Warrants, the Board of Directors of the Company has approved an amendment to the term of the original Warrant so that the term
will be extended to June 30, 2017. There will be no change to the exercise price of the warrants. This amendment to the
Warrants is subject to the approval of the TSX-V.
Certain of the Warrants are held by parties who are considered "related parties" of the Company. Therefore, the amendment
of the warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101
Protection of Minority Shareholders in Special Transactions and TSX Venture Exchange Policy 5.9 - Protection of
Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval
requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceed 25% of
the Company's market capitalization.
A material change report in respect of this related party transaction will be filed by the Company but could not be filed
earlier than 21 days prior to the amendment to the Warrants due to the uncertainty of near-term market conditions.
Background
Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies
with near term potential for production, growth and scalability. On March 3, 2015, Ucore announced the right to acquire a
controlling ownership interest in the exclusive rights to IBC SuperLig® technology for rare earths and multi-metallic tailings
processing applications in North America and associated world markets. The Company has a 100% ownership stake in Bokan-Dotson
Ridge ("Bokan"). On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for the investment of
up to USD $145 Million in the Bokan project at the discretion of the Alaska Import Development and Export Agency ("AIDEA").
Cautionary Notes
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address future exploration drilling, exploration activities, research
and development timelines, and events or developments that the Company expects, are forward looking statements. Although the
Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements
include exploitation and exploration successes or setbacks, research and develop successes or setbacks, continued availability of
financing, and general economic, market or business conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
For further information, please visit http://www.ucore.com.