On May 8, 2020, Ucore Rare Metals Inc. (TSXV:UCU, OTCQX:UURAF) (“Ucore”) acquired 100% of the issued and outstanding shares of Innovation Metals Corp. (“IMC”) for an aggregate purchase price of $5.8 million. IMC is a private Canadian company that has developed RapidSX™ technology for the separation and purification of critical metals including rare earth elements, lithium, nickel and cobalt. RapidSX™ is an accelerated solvent-extraction-based separation technology, developed and successfully piloted by IMC.
Ucore is focused on rare earth and critical metals resources, extraction and beneficiation technologies with potential for production, growth, and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project in Alaska, USA.
Miller Thomson advised Ucore in the acquisition and financing with a team led by Geoff Clarke (Capital Markets/Securities; Corporate/M&A; and Mining) and comprised of Jonathan Tong, Lucy Schilling, Abid Ahmed, Kelsey MacKay, Luigi Valente (Capital Markets/Securities; Corporate/M&A), Karen Durell (IP), André Nowakowski (Employment) and Neil Gurmukh (Tax).