Ucore Announces Receipt of $6.56 Million in Subscriptions for Non-Brokered Private Placement and Closing of First Tranche
11 Avril 2014 - 9:51PM
Marketwired
Ucore Announces Receipt of $6.56 Million in Subscriptions for
Non-Brokered Private Placement and Closing of First Tranche
HALIFAX, NOVA SCOTIA--(Marketwired - Apr 11, 2014) - Ucore Rare
Metals Inc. (TSX-VENTURE:UCU), ("Ucore" or the "Company") is
pleased to announce that it has closed the first tranche of a
non-brokered private placement ("Private Placement") of 10,577,631
units ("Units") at $0.38 per Unit for gross proceeds of
approximately $4,019,500. Each Unit consists of one common share in
the capital of the Company ("Common Share") and one common share
purchase warrant ("Warrant"). Each Warrant entitles the holder to
acquire one Common Share at a price of $0.50 until April 11,
2017.
All Common Shares and Warrants issued in connection with the
closing of the first tranche of the Private Placement are subject
to a statutory hold period that expires on August 12, 2014, in
accordance with applicable securities legislation. The net proceeds
from the Private Placement will be used for permitting and
feasibility studies with respect to the Bokan Mountain property in
Alaska.
The Company has received additional subscriptions in the amount
of approximately $2,537,729, which it expects to close in one or
more further tranches of the Private Placement on the same terms.
The completion of subsequent tranches of the Private Placement is
subject to certain customary conditions, including, but not limited
to, the execution of definitive subscription agreements with
subscribers, the receipt of funds and the receipt of all necessary
regulatory approvals, including the approval of the TSX Venture
Exchange.
The Private Placement is non-brokered; however, the Company may
pay finder's fees in accordance with the rules and policies of the
TSX Venture Exchange. No finder's fees were paid in connection with
the first tranche.
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is an early stage mine development
company focused on rare earth elements ("REE"), strategic and
technology metals. With multiple projects across North America,
Ucore's primary focus is the Bokan - Dotson Ridge REE property in
Alaska. The Bokan - Dotson Ridge REE project is located 60 km
southwest of Ketchikan, Alaska and 140 km northwest of Prince
Rupert, British Columbia and has direct ocean access to the western
seaboard and the Pacific Rim, a significant advantage in expediting
mine production and limiting the capital costs associated with mine
construction. The Bokan properties are located in an area reserved
for sustainable resource development.
Jim McKenzie, President and CEO
This press release includes certain statements that may be
deemed "forward-looking statements", including statements regarding
the completion of subsequent tranches of the Private Placement. All
statements in this release, other than statements of historical
fact, that address future exploration drilling, exploration
activities, the intended use of proceeds of this financing, the
intention to renounce Canadian Exploration Expenses 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, continued availability of financing, and general
economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Ucore Rare Metals Inc.Mr. Jim McKenziePresident and Chief
Executive Officer(902) 482-5214
Ucore Rare Metals (TSXV:UCU)
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