Ucore Rare Metals Inc. a non-brokered private placement of 1,500 unsecured convertible debentures at a price of CAD 1,000 per debenture for aggregate gross proceeds of CAD 1,500,000 on January 11, 2024. The convertible debentures will bear interest at a rate of 7.5%, payable semi-annually on the last day of June and December of each year, commencing on June 30, 2024. The convertible debentures will have an approximately two-year term with the principal amount being due to be repaid in full by the company on January 31, 2026.

At any time during the term of the convertible debentures, a holder may elect to convert the outstanding net principal amount, or any portion thereof, into units at a conversion price of CAD 0.75 per unit. Each unit shall consist of one common share and one-half of a warrant, with each whole warrant entitling the holder to acquire a common share at an exercise price of cad 1.05 for a period ending on the maturity date of the convertible debentures. The company may pay finder?s fees related to the offering to eligible finders.

The company expects to close the offering on or about January 25, 2024. All the securities to be issued upon conversion or exchange of these securities will be subject to a four month hold period commencing on the closing date of the offering. The transaction is subject to the approval of the company?s board of directors.