Ucore Rare Metals Inc. announced a best-efforts private placement of minimum of 4,000,000 units and maximum of 5,350,000 units of the company at a price of CAD 1 per unit for minimum gross proceeds of CAD 4,000,000 and maximum gross proceeds of CAD 5,350,000 on June 16, 2023. Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share for a period of 36 months following the closing date of the offering at an exercise price of CAD 1.25.

The company has granted the agents an option, exercisable in whole or in part prior to the closing of the offering, to offer and sell up to an additional 802,500 units at the offering price, for additional gross proceeds of up to approximately CAD 800,000. If the agents? option is exercised in full, the aggregate gross proceeds to the company will be approximately CAD 6,150,000.

The offering is scheduled to close on or about July 6, 2023, or such date as the lead agent and the company may agree upon, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the TSX Venture Exchange, all necessary regulatory approvals, including the approval of the TSXV.