On December 22, 2023, Ucore Rare Metals Inc. (TSXV:UCU; OTCQX:UURAF) (“Ucore”) announced amendments to and the extension of its debt agreements with Ucore’s largest lender and investor, Orca Holdings, LLC. In total, the terms of two secured lines of credit and a secured term loan were amended and the maturity dates extended for a total principal amount of approximately USD$4.3 million (approx. C$5.7 million). It was also agreed that warrants would be issued to Orca Holdings, LLC.
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. Innovation Metals Corp. currently owns and operates a RapidSX™ Commercial Demonstration Plant located in Kingston, Ontario.
Miller Thomson advised Ucore on the transaction with a team comprising of Geoff Clarke, Jonathan Tong (Capital Markets & Securities, Mining) and Ethan Campbell (Financial Services) as well as securities clerk, Anca Nitu.
