HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 31, 2013) - Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF), ("Ucore" or the "Company") is pleased to announce that, subject to final approval of the TSX Venture Exchange, it has closed a non-brokered private placement consisting of 1,200,000 common shares of the Company to be issued on a flow through basis pursuant to the Income Tax Act (Canada) (the "Tax Act") at a price of $0.21 per share for gross proceeds of $252,000.
The gross proceeds from the issuance of the flow through shares, as defined in the Tax Act, will be used on qualifying flow through mining expenditures related to the Company's Canadian exploration projects, primarily, the Sandybeach Lake project in Nunavut. The Company intends to renounce Canadian Exploration Expenses (as defined in the Tax Act) with an effective date of no later than December 31, 2013. The shares will be subject to a four-month hold period which will expire on May 1, 2014.
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is an early stage mine development company focused on rare earth elements ("REE"), strategic and technology metals. With multiple projects across North America, Ucore's primary focus is the Bokan - Dotson Ridge REE property in Alaska. The Bokan - Dotson Ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in expediting mine production and limiting the capital costs associated with mine construction. The Bokan properties are located in an area reserved for sustainable resource development.
Jim McKenzie, President and CEO
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future exploration drilling, exploration activities, the intended use of proceeds of this financing, the intention to renounce Canadian Exploration Expenses and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.