Ucore Rare Metals Inc (UURAF)

[nuketheshorts]

Ucore Rare Metals Completes Acquisition of Innovation Metals Corp. and RapidSX(TM) Separation Technology V.UCU | 8 minutes ago Halifax, Nova Scotia--(Newsfile Corp. - May 11, 2020) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it received the approval of the TSX Venture Exchange ("TSXV") and completed the closing of the Company's acquisition of Innovation Metals Corp. ("IMC"). On April 27, 2020, the Company announced that it had executed a Share Purchase Agreement (the "Purchase Agreement") with IMC and its shareholders. Pursuant to the terms of the Purchase Agreement, on May 8, 2020 Ucore paid a deemed aggregate purchase price of C$5,801,000, consisting of 45,383,412 common shares of the Company and C$1,000 in cash, in exchange for 100% of the issued and outstanding shares of IMC. IMC is a privately held Canadian company that developed its RapidSX technology for the separation and purification of critical metals including rare earth elements ("REEs"), lithium ("Li"), nickel ("Ni") and cobalt ("Co"). RapidSX is an accelerated solvent-extraction-based separation technology that has been successfully piloted by IMC. On May 11, 2020, Dr. Gareth Hatch joined Ucore as its new Chief Technology Officer. The Company's Board of Directors also approved adding Dr. Hatch as a member of the Company's board. Dr. Hatch has agreed to accept the appointment and will serve as a director of the Company until the Company's next annual meeting of its shareholders. On April 27, 2020, the Company announced that it had received subscription agreements and initial commitments pursuant to a C$2.8 million convertible debenture financing (the "Financing"). Investor interest in the Financing has been significant. Accordingly, the order book for the Financing has not been finalized since the Company is receiving additional interest in the offering and expects that the Financing will be over-subscribed before its expected closing date (potentially resulting in some subscription orders not getting filled or fully filled). On May 7, 2020, the Company received the TSXV's conditional approval regarding the Financing. The Company currently anticipates that the Financing will close on or about May 29, 2020.