Ucore Rare Metals Inc. Further Amends and Extends Debt Agreements with Orca Holdings, LLC

Counsel to Ucore Rare Metals Inc.

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Team Members

On April 8, 2024, Ucore Rare Metals Inc. (TSXV: UCU)(“Ucore”) agreed to amendments of certain debt agreements with Orca Holdings, LLC (“Orca”). Specifically, the parties agreed to:

  • with respect to a short-term secured line of credit from Orca having an interest rate of 9%, increase the available principal amount from US$2.2 million to US$3.2 million (the “2023 Line of Credit”); and
  • amend the interest payment terms for the 2023 Line of Credit and another short-term secured line of credit from Orca, which has a current principal amount of US$1.15 million and an interest rate of 9%.

In consideration for agreeing to amend the 2023 Line of Credit in the manner described above, Ucore granted an aggregate of 1.3 million share purchase warrants (the “Bonus Warrants”) to Orca, with each Bonus Warrant entitling the holder to acquire one common share at an exercise price of C$0.75 per share, until January 31, 2026.

Ucore is a TSXV-listed company focused on rare and critical metals resources, extraction, beneficiation and separation technologies with potential for production, growth and scalability. Ucore owns the Bokan Mountain Rare Earth Element Project in Southeast Alaska. Ucore also owns Innovation Metals Corp., a technology company that has developed the proprietary RapidSX™ process for the intended low-cost separation and purification of rare earth elements, nickel, cobalt, lithium and other technology metals, via an accelerated form of solvent extraction.

Miller Thomson advised Ucore on the transaction with a team comprising of Geoff Clarke and Jonathan Tong (Capital Markets & Securities, Mining), as well as Ethan Campbell (Financial Services) and securities clerk, Anca Nitu.

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