Ucore in second day of court fight with IBC
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Posted On: 03/21/2019 3:14:08 PM
Ucore
in second day of court fight with IBC
Ucore Granted Interim Injunction to Preserve the Right to Acquire IBC
V.UCU | February 28, 2019
Halifax, Nova Scotia--(Newsfile Corp. - February 28, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"
announces that on Monday February 25, 2019 it filed a Request for Emergency Motion for Interim Injunction to the Supreme Court of Nova Scotia (the "Court" in response to IBC Advanced Technologies, Inc.'s ("IBC" February 19, 2019, Notice of Termination of the Option Agreement. The Court agreed to hear this request yesterday, February 27, 2019.
The Company is pleased to announce the Court has granted an interim injunction (the "Injunction" pending the hearing of an interlocutory injunction on March 20, 2019. Until this hearing, the Court has ordered that:
1) IBC is prohibited from:
a) taking any further steps to issue additional notices to terminate the Option Agreement or taking steps in reliance upon (or further to) the Notice of Termination;
b) taking any steps, or conducting any business, or transacting with any third parties in such a manner as to prevent or preclude (or effectively prevent or preclude) Ucore from fully or effectively exercising its asserted and disputed rights under the Option Agreement.
2) IBC is permitted to:
a) carry on and market its business in the ordinary course of business, so long as such is in compliance with the terms of the Option Agreement.
Under the terms of the Injunction, Ucore shall refrain from enforcing its asserted and disputed rights under the Option Agreement, and any such rights shall be suspended on the understanding that Ucore's rights under the Option Agreement shall be preserved during such time as this Injunction remains in place.
"We are very grateful to the Court for hearing our concerns regarding our asserted rights to lawfully acquire IBC," stated Jim McKenzie, President & CEO of Ucore. "This injunction allows a cooling off period while we continue to extend an offer to discuss a business solution to the other side. Conversely, it also provides Ucore with the right to preserve the status quo that existed on February 18, 2019, until the issues are resolved utilizing all of the remedies available to us under law."
About Ucore
Read more at https://stockhouse.com/news/press-releases/20...RfdiMDs.99
in second day of court fight with IBC
Ucore Granted Interim Injunction to Preserve the Right to Acquire IBC
V.UCU | February 28, 2019
Halifax, Nova Scotia--(Newsfile Corp. - February 28, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"
announces that on Monday February 25, 2019 it filed a Request for Emergency Motion for Interim Injunction to the Supreme Court of Nova Scotia (the "Court" in response to IBC Advanced Technologies, Inc.'s ("IBC" February 19, 2019, Notice of Termination of the Option Agreement. The Court agreed to hear this request yesterday, February 27, 2019. The Company is pleased to announce the Court has granted an interim injunction (the "Injunction"
pending the hearing of an interlocutory injunction on March 20, 2019. Until this hearing, the Court has ordered that: 1) IBC is prohibited from:
a) taking any further steps to issue additional notices to terminate the Option Agreement or taking steps in reliance upon (or further to) the Notice of Termination;
b) taking any steps, or conducting any business, or transacting with any third parties in such a manner as to prevent or preclude (or effectively prevent or preclude) Ucore from fully or effectively exercising its asserted and disputed rights under the Option Agreement.
2) IBC is permitted to:
a) carry on and market its business in the ordinary course of business, so long as such is in compliance with the terms of the Option Agreement.
Under the terms of the Injunction, Ucore shall refrain from enforcing its asserted and disputed rights under the Option Agreement, and any such rights shall be suspended on the understanding that Ucore's rights under the Option Agreement shall be preserved during such time as this Injunction remains in place.
"We are very grateful to the Court for hearing our concerns regarding our asserted rights to lawfully acquire IBC," stated Jim McKenzie, President & CEO of Ucore. "This injunction allows a cooling off period while we continue to extend an offer to discuss a business solution to the other side. Conversely, it also provides Ucore with the right to preserve the status quo that existed on February 18, 2019, until the issues are resolved utilizing all of the remedies available to us under law."
About Ucore
Read more at https://stockhouse.com/news/press-releases/20...RfdiMDs.99
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