HALIFAX, NOVA SCOTIA--(Marketwired - Jun 26, 2015) - Ucore Rare Metals Inc. (TSX VENTURE:UCU)(UURAF) ("Ucore" or the "Company") announces that its Board of Directors has adopted a By-Law implementing an advance notice provision in connection with shareholders intending to nominate directors in certain circumstances (the "By-Law").
The purpose of the By-Law is to establish a clear frame-work for the nomination of directors of the company and to ensure that all shareholders receive appropriate notice of director nominations. The By-Law also requires shareholders to disclose information concerning the proposed nominees that is mandated by applicable securities laws. The By-Law is intended to facilitate an orderly and efficient meeting process.
The By-Law establishes a procedure requiring advance notice to the Company in certain circumstances by any shareholder who intends to nominate any person as director of the Company. The By-Law fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special general meeting of the shareholders of the Company and sets forth certain information that must be included in that notice to the Company. Only persons nominated in accordance with the procedures set out in the By-Law will be eligible for election as director of the Company.
In the case of an Annual General Meeting of the Shareholders ("AGM"), notice to the Company must be made not less than 30 days and not more than 65 days prior to the date of the AGM. In the event that the AGM is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the AGM is made, notice may be made not later than the close of business on the 10th day following the date of the announcement.
In the case of a Special Meeting of the Shareholders (the "Special Meeting") called for any purpose which includes the election of directors, notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the Special Meeting is made by the Company.
The Advance Notice By-Law is in effect as of the date of this news release. The Company will seek shareholder ratification of the Policy at its next Annual and Special Meeting (the "Meeting"). If the By-Law is confirmed at the Meeting, it will continue in effect in the form in which it was so confirmed. If the By-Law is not confirmed at the Meeting, the By-Law will terminate and be of no further force and effect immediately following the termination of the Meeting.
Background
Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources and beneficiation technologies with near term potential for production, growth and scalability. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan-Dotson Ridge REE property in Alaska. The Bokan-Dotson Ridge REE project 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, a significant advantage in developing near term production facilities and limiting the capital costs associated with mine construction.
Cautionary Notes
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, research and development timelines, 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 or setbacks, research and develop successes or setbacks, continued availability of financing, and general economic, market or business conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.