Orca Holdings LLC

July 10, 2015 17:00 ET

Orca Holdings LLC Acquires Convertible Interest in Ucore Rare Metals Inc.

HALIFAX, NOVA SCOTIA--(Marketwired - July 10, 2015) - Orca Holdings LLC, (the "Offeror") announces that it has acquired a convertible interest in up to approximately 16,739,474 common shares of Ucore Rare Metals Inc. ("Ucore"). The ultimate number of common shares which could be converted will be dependent upon the prevailing USD$ / CAD$ exchange rate at the time of conversion and the common share price of Ucore. The estimated 16,739,474 common shares referenced herein is based on a USD$ / CAD$ exchange rate of 1.2722 and the Ucore common share price as of market close on July 8, 2015, being $0.38.

The Offeror owns a total of 9,742,105 common shares, representing 4.93% of the 197,576,472 issued and outstanding common shares of Ucore as at July 10, 2015. In addition, the Offeror owns 9,742,105 common share purchase warrants of Ucore, and the above noted convertible interest in up to approximately 16,739,474 common shares. Mr. Randy Johnson, of Ketchikan, Alaska and controlling shareholder of the Offeror, owns and controls 250,000 stock options of Ucore. In total, the Offeror's common shares, common share purchase warrants, convertible interest and Mr. Johnson's stock options represent approximately 16.26% of the outstanding common shares of Ucore on a partially diluted basis assuming the exercise of the Common Share purchase options, warrants, and the exercise of the above noted convertible interest.

The convertible interest, common shares and common share purchase warrants of Ucore were acquired by the Offeror for investment purposes. The Offeror may, depending on market and any other relevant factor or condition, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire common shares or other securities of Ucore through market transactions, private agreements or otherwise.

This news release is being issued as required by National Instrument 62‐103 - The Early Warning System and Related Take‐Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report dated November 4, 2010. The Early Warning Report respecting this acquisition has been filed on the System for Electronic Document Analysis and Review ("Sedar").

Randy Johnson, ORCA HOLDINGS LLC.

Contact Information

  • Orca Holdings LLC
    Randy Johnson
    Managing Member
    907-225-7170