NetworkNewsBreaks – Ucore Rare Metals Inc. (TSX.
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Posted On: 05/10/2023 3:12:59 PM
NetworkNewsBreaks – Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Issues Corporate Update, Extends Term of Outstanding Convertible Debentures
Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF) today provided a corporate update and announced that it intends to extend the term of certain outstanding convertible debentures, which currently have a maturity date of May 31, 2023. According to the update, the debentures were originally issued in May of 2020, with a three-year term. On May 21 and 29, 2020, Ucore issued 1,280 and 1,520 convertible debentures respectively, with a face value of $1,000 each for total gross proceeds of $2.8 million. These unsecured debentures bear interest at a rate of 7.5% payable semi-annually and mature on May 31, 2023. Per the terms of the convertible debentures, the company has the option to extend the maturity date by one year in exchange for the payment of an extension fee equal to 6-months interest. Ucore intends to exercise its right to extend the maturity date of the remaining outstanding convertible debentures by one year, with a resulting maturity date of May 31, 2024, and to pay the extension fee of $47,063.
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Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF) today provided a corporate update and announced that it intends to extend the term of certain outstanding convertible debentures, which currently have a maturity date of May 31, 2023. According to the update, the debentures were originally issued in May of 2020, with a three-year term. On May 21 and 29, 2020, Ucore issued 1,280 and 1,520 convertible debentures respectively, with a face value of $1,000 each for total gross proceeds of $2.8 million. These unsecured debentures bear interest at a rate of 7.5% payable semi-annually and mature on May 31, 2023. Per the terms of the convertible debentures, the company has the option to extend the maturity date by one year in exchange for the payment of an extension fee equal to 6-months interest. Ucore intends to exercise its right to extend the maturity date of the remaining outstanding convertible debentures by one year, with a resulting maturity date of May 31, 2024, and to pay the extension fee of $47,063.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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