January 31, 2025 4:49 PM EST | Source: Ucore Rare Metals Inc.
Halifax, Nova Scotia–(Newsfile Corp. – January 31, 2025) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce that has closed a non-brokered private placement offering with Hondo Private Equity LLC (“Hondo”). The placement consists of 3,600,000 units (the “Units”) at a price of CAD$0.60 per Unit for gross proceeds of CAD$2,160,000 (the “Offering”). Hondo Private Equity is controlled by Shawn Matthews, Founder, CEO and Chief Investment Officer of Hondius Capital Management, LP (“Hondius”). Hondius is an alternative investment manager. Prior to founding Hondius in 2018, Mr. Matthews was CEO of Cantor Fitzgerald & Co from 2009 to 2018. “Ucore has a world class technology that they are bringing to their Louisiana site as a solution for processing rare earths in the United States,” said Mr. Matthews, “This smaller site, higher production model, is perfect for expansion possibilities. We are excited to participate in this investment and Ucore’s future.”Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) for a period of 36 months following the date of closing of the Offering (the “Closing Date”, being the date hereof) at an exercise price of CAD$0.75.Proceeds from the Offering are expected to be used for general corporate working capital purposes.No compensation was paid to any finder and no commission fees were paid with respect to the Offering. Pursuant to National Instrument 45-102 – Resale of Securities, the Common Shares and Warrants comprising the Units, including any underlying Warrant Shares to be issued upon exercise of Warrants, are subject to a four-month and one-day restricted period commencing on the Closing Date. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.The Offering remains subject to the final approval of the TSX Venture Exchange (the “TSXV”). # # #About Ucore Rare Metals Inc.Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
