Ucore wins again in Canada
Supreme Court of Canada Decides in Favour of Ucore
V.UCU | 1 hour ago
Halifax, Nova Scotia--(Newsfile Corp. - April 16, 2020) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"
is pleased to provide an update on the legal proceedings in Nova Scotia commenced on December 11, 2018, (the "Action" involving the prospective acquisition of IBC Advanced Technologies, Inc. and specifically, the enforceability of the Option to Purchase Agreement ("OTP" and allegedly defamatory public comments made by IBC Advanced Technologies, Inc. and Steven R. Izatt (collectively, "IBC" .
On December 9, 2019, IBC formally filed its materials on a motion to the Supreme Court of Canada ("SCC" seeking leave to appeal the Nova Scotia Court of Appeal's jurisdictional decision regarding Ucore's amended action pleadings only. Ucore filed its materials in opposition on January 20, 2020.
On April 16, 2020, the SCC issued a judgment that the application for leave to appeal from the judgment of the Nova Scotia Court of Appeal, 2019 NSCA 80, dated October 9, 2019, is dismissed with costs.
"Ucore is very pleased with this swift decision by the Supreme Court of Canada which confirms that the Supreme Court of Nova Scotia has jurisdiction over the validity and enforceability of the option to purchase agreement and that this dispute will be properly heard in Nova Scotia," stated Mike Schrider, Ucore COO. "In hopeful anticipation of this decision, and to conserve and combine resources, Ucore has accelerated its disclosure process in Nova Scotia, in concert with the disclosure and discovery process in Utah. The Company continues to find itself on the favourable side of another court decision and looks forward to the judicious yet prompt execution of all legal matters related to the equitable acquisition of IBC."
"To date, Ucore has successfully navigated its proceedings with IBC without disruption to its primary focus of developing a North American rare earth supply chain through its M3 Plan of Action," said Jim McKenzie, Ucore President & CEO. "The Company continues to applaud the U.S. and Canadian legal systems for their deliberate review of the facts before them, resulting in significant decisions that continue to lead Ucore towards a satisfactory conclusion of this matter with IBC."
Decisions of the SCC's applications for leave may be accessed from its website, as they are posted at https://decisions.scc-csc.ca/scc-csc/scc-l-cs...av_date.do. Decisions of The Courts of Nova Scotia may be accessed from its website, as they are posted at https://decisions.courts.ns.ca/nsc/en/nav.do. More information on the Nova Scotia proceedings can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. More information on the Nova Scotia and other proceedings, generally, can be obtained under the Company's profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or info@ucore.com.
About Ucore
Supreme Court of Canada Decides in Favour of Ucore
V.UCU | 1 hour ago
Halifax, Nova Scotia--(Newsfile Corp. - April 16, 2020) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"
is pleased to provide an update on the legal proceedings in Nova Scotia commenced on December 11, 2018, (the "Action" involving the prospective acquisition of IBC Advanced Technologies, Inc. and specifically, the enforceability of the Option to Purchase Agreement ("OTP" and allegedly defamatory public comments made by IBC Advanced Technologies, Inc. and Steven R. Izatt (collectively, "IBC" . On December 9, 2019, IBC formally filed its materials on a motion to the Supreme Court of Canada ("SCC"
seeking leave to appeal the Nova Scotia Court of Appeal's jurisdictional decision regarding Ucore's amended action pleadings only. Ucore filed its materials in opposition on January 20, 2020. On April 16, 2020, the SCC issued a judgment that the application for leave to appeal from the judgment of the Nova Scotia Court of Appeal, 2019 NSCA 80, dated October 9, 2019, is dismissed with costs.
"Ucore is very pleased with this swift decision by the Supreme Court of Canada which confirms that the Supreme Court of Nova Scotia has jurisdiction over the validity and enforceability of the option to purchase agreement and that this dispute will be properly heard in Nova Scotia," stated Mike Schrider, Ucore COO. "In hopeful anticipation of this decision, and to conserve and combine resources, Ucore has accelerated its disclosure process in Nova Scotia, in concert with the disclosure and discovery process in Utah. The Company continues to find itself on the favourable side of another court decision and looks forward to the judicious yet prompt execution of all legal matters related to the equitable acquisition of IBC."
"To date, Ucore has successfully navigated its proceedings with IBC without disruption to its primary focus of developing a North American rare earth supply chain through its M3 Plan of Action," said Jim McKenzie, Ucore President & CEO. "The Company continues to applaud the U.S. and Canadian legal systems for their deliberate review of the facts before them, resulting in significant decisions that continue to lead Ucore towards a satisfactory conclusion of this matter with IBC."
Decisions of the SCC's applications for leave may be accessed from its website, as they are posted at https://decisions.scc-csc.ca/scc-csc/scc-l-cs...av_date.do. Decisions of The Courts of Nova Scotia may be accessed from its website, as they are posted at https://decisions.courts.ns.ca/nsc/en/nav.do. More information on the Nova Scotia proceedings can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. More information on the Nova Scotia and other proceedings, generally, can be obtained under the Company's profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or info@ucore.com.
About Ucore
