Ucore Rare Metals Announces $10 Million
Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S.
November 9, 2010 - Ucore
Rare Metals Inc. (TSX-V: UCU), ("Ucore"
or the "Company") is pleased to announce that it has arranged
a brokered private placement of units for gross proceeds of up to
$10,000,000 at $0.40 per unit. Each unit consists of one common
share and one half of one common share purchase warrant. Each
whole warrant gives the holder the right to purchase one common share
at an exercise price of $0.55 for a period of 24 months. The
Offering will be led by Byron Securities Ltd.
(the
"Agent").
The net proceeds of the financing
will be used to advance exploration on the Company's properties,
focusing on the Company's Bokan Mountain
property, and for general working capital.
The financing is scheduled to
close on or about December 8, 2010 and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals
including the approval of the TSX Venture Exchange ("TSX-V").
The Company intends to pay a
commission of 7.0% of the gross proceeds and issue brokers' warrants
equal to 7.0% of the aggregate number of units issued by the Company
pursuant to the financing. Each brokers' warrant gives the
holder the right to purchase one common share at an exercise price of
$0.40 for a period of 24 months from the Closing Date, in accordance
with the policies of the TSX-V.
Ucore Rare Metals Inc. is a junior exploration
company focused on establishing REE and uranium resources through
exploration and property acquisition. Ucore's
primary focus is the Rare Earth One operated Bokan
Mountain rare earth element and uranium project. The project is located
on the southern part of the Prince of Wales Island in southeastern
Alaska, with excellent deep water access and proximity to major sea and
rail shipping routes across North America and to Asia.
For further information, please contact Mr.
Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: (902)
482-5214
Signed "Jim McKenzie"
Jim McKenzie, President
This press release includes
certain statements that may be deemed "forward-looking
statements". All statements in this release, other than
statements of historical facts, that address future exploration
drilling, exploration activities and events or developments that the
Company expects, are forward looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include
exploitation and exploration successes, continued availability of
financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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