On July 28, 2023, Ucore Rare Metals Inc. closed the transaction. The company issued 4,822,500 units at a price of CAD 1 per unit for gross proceeds of CAD 4,822,500 in the transaction. The company issued 413,000 units at a price of CAD 1.00 per unit for gross proceeds of CAD 413,000 in the second and final tranche closing.

The transaction included participation from a senior officer of the company for 20,000 units for gross proceeds of approximately CAD 20,000 under the second tranche. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of CAD 1.25 per common share for a period of 36 months following the date of issuance.

The company has paid the agents an additional advisory fee of CAD 12,390, plus applicable taxes, and the agents have received an additional 12,390 advisory fee compensation options to purchase an equal number of units, subject to adjustment in certain circumstances, at the offering Price for a period of 36 months following the date hereof. The company has raised CAD 200,000 pursuant to Regulation D in the transaction from single investor.