Ucore Rare Metals Inc. Closes Upsized Private Placement of Convertible Debentures for $1.99 Million

January 30, 2024

On February 9, 2024, Ucore Rare Metals Inc. (TSXV:UCU; OTCQX:UURAF) (“Ucore”) completed the final closing of a non-brokered private placement, pursuant to which Ucore issued an aggregate of 1,990 convertible debentures (the “Debentures”) at a price of $1,000 per Debenture, for aggregate gross proceeds of $1.99 million.

The Debentures bear interest at a rate of 7.5%, payable semi-annually on the last date of June and December of each year, commencing on June 30, 2024. The Debentures, which are unsecured, have an approximately two-year term with the principal amount being due to be repaid in full by Ucore on January 31, 2026. At any time during the term of the Debentures, a holder may elect to convert the outstanding net principal amount, or any portion thereof, into units at a conversion price of $0.75 per unit. Each unit shall consist of one common share of Ucore and one-half of a warrant, with each whole warrant entitling the holder to acquire a common share at an exercise price of $1.05 for a period ending on the maturity date of the Debentures.

Ucore is a TSXV-listed company focused on rare and critical metals resources, extraction, beneficiation and separation technologies with potential for production, growth and scalability. Ucore owns the Bokan Mountain Rare Earth Element Project in Southeast Alaska. Ucore also owns Innovation Metals Corp., a technology company that has developed the proprietary RapidSX™ process for the intended low-cost separation and purification of rare earth elements, nickel, cobalt, lithium and other technology metals, via an accelerated form of solvent extraction.

Miller Thomson advised Ucore on the transaction with a team comprising of Geoff Clarke, Jonathan Tong, Madison Derraugh and Andrea Chiu (Capital Markets & Securities, Mining) as well as securities clerk, Anca Nitu, and articling student, Raquel Moses.