Ucore Rare Metals Inc. Announces Completion of $10
Million Private Placement
December 9, 2010 - Halifax, Nova Scotia,
Canada - Ucore Rare Metals
Inc. (TSX-V: UCU; OTCQX: UURAF) ("Ucore"
or the "Company") is pleased to announce that it has closed
its previously announced brokered private placement of 25,000,000 units
at $0.40 per unit for gross proceeds of $10,000,000. 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 a price of $0.55 for a period of 24 months
from the Closing Date. The offering was led by Byron Securities
Limited with Pope & Company acting as syndicate agent.
All securities issued under the private placement are subject to a four
month hold period expiring April 10, 2011.
The agents were paid a cash commission of 7% of the gross proceeds and issued
brokers' warrants equal to 7% 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.
About Ucore Rare Metals
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 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 or visit www.ucoreraremetals.com
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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