HALIFAX, NOVA SCOTIA--(Marketwired - May 13, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ucore Rare Metals Inc (TSX VENTURE:UCU) (the " Company " or " Ucore ") is pleased to announce that it has completed the equity offering (the " Offering ") previously announced on March 15, 2013, in the full amount for gross proceeds of $5,000,000. The Offering consisted of 20,000,000 Units priced at $0.25 per unit (the " Units "). Each Unit sold was comprised of one common share in the capital of the Company (a " Common Share ") and one Common Share purchase warrant (a " Warrant "). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.35 per Common Share for a period of 36 months.
The Offering was conducted on an agency basis by Byron Capital Markets Ltd., (" Byron ") as Canadian agent, and Knight Capital Americas LLC, as United States agent, (collectively, the " Agents "). Byron has been granted an option, exercisable at any time until 30 days following the closing of the Offering, to sell additional Units or Warrants up to 15% of the number of Units sold pursuant to the Offering at the issue price of the Units, to cover over-allotments, if any and for market stabilization purposes.
In consideration for their services in connection with the Offering, the Agents, selling group members and finders received aggregate cash commissions of $269,398.50, and an aggregate total of 1,077,594 non-transferable broker warrants (the " Broker Warrants "), with each Broker Warrant entitling the holder thereof to acquire one Common Share at an exercise price of $0.25 for a period of 36 months following the completion of the Offering.
The Company plans to use the net proceeds of the Offering to progress the development of the Bokan Mountain / Dotson Ridge property and for general working capital purposes.
About Ucore Rare Metals Inc.
The Company is a development-phase mining company focused on establishing rare metal resources with near term production potential. With multiple projects across North America, the Company's primary focus is the 100% owned Bokan Mountain / Dotson Ridge REE property in Alaska. The Bokan Mountain / Dotson Ridge REE property is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim.
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on the Company is available under the Company's profile at www.sedar.com .
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States or to "U.S. persons", as such term is defined in Regulation S under the U.S. Securities Act (" U.S. Persons "), unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities set out herein to, or for the account or benefit of, persons in the United States or U.S. Persons.
Neither the TSX Venture Exchange nor is Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.
