Ucore Rare Metals Inc (UURAF)

[Middleborder]

Spot On Trade, Mick, Douginil;

Update on UCORE/IBC lawsuit:

https://www.newsfilecorp.com/release/61237/Utah-Court-Denies-IBCs-Attempt-to-Void-the-Option-to-Purchase-Agreement-with-Ucore

Ucore offers the following updates regarding all active legal actions stemming from the proposed acquisition of IBC:

Ucore v. IBC (filed by Ucore on December 11, 2018, amended on April 2, 2019)

Utah Court Denies IBC's Attempt to Void the Option to Purchase Agreement with Ucore

Halifax, Nova Scotia--(Newsfile Corp. - August 6, 2020) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the lawsuit that was initiated on February 19, 2019, (the "Second Utah Complaint") by IBC Advanced Technologies, Inc. and Steven R. Izatt (collectively the "Plaintiffs" or "IBC") against Ucore and certain executives of the Company.

Under the Second Utah Complaint, on March 6, 2020, IBC filed a Motion for Partial Summary Judgment ("MPSJ") seeking an outright judgment by the U.S. District Court, District of Utah (the "Federal Court") declaring: 1) the Option to Purchase Agreement (the "OTP") void for vagueness, 2) the OTP terminated due to Ucore's default and failure to rectify, 3) that Ucore breached either the OTP or the Research Agreement [ii], or both, by violating its Confidentiality Provision and Exclusivity Provision, and 4) that attorney's fees were properly incurred due to Ucore's breaches.

During a hearing on August 5, 2020, when oral arguments were presented, the Federal Court orally denied IBC's Motion for Partial Summary Judgment in its entirety. Other significant decisions by the Federal Court during this hearing were:

IBC's Objection to the Magistrate Judge's Order Denying IBC's Motion for Leave to File Amended Complaint (regarding the Second Utah Complaint) was denied.
Therefore, IBC's Motion for Preliminary Injunction against Ucore, regarding the proposed amended claims, was also denied.
The granting of a motion put forth by IBC to consolidate the three active Federal Court cases (the Second, Third, and Fourth Utah Complaints - as defined below) and was consented to by Ucore and Michael Schrider (Ucore Vice-President & COO).

"Although our court schedules in both Utah and Nova Scotia have been impacted by the COVID-19 pandemic, Ucore is very pleased with the outcomes to date within the courts," stated Pat Ryan, P.Eng., Ucore Chairman & Interim-CEO. "We understand that further delays may occur given these uncertain times. However, with every court appearance, we take one more step to resolving this dispute with IBC and to ultimately capturing the value of our significant investment in their technology for rare earth elements - once legally liberated. A technology that we believe ideally complements our current pathway of developing a near-term U.S. commercial rare earth separation facility."

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Now we just have to wait another 8-12 months for the additional cases to be adjudicated.