Ucore Updates on IBC Acquisition Legal Proceedings
Halifax, September 13, 2019 - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the legal proceedings (the "Proceedings") in Nova Scotia and Utah involving the prospective acquisition of IBC Advanced Technologies, Inc. ("IBC").
As communicated in the Ucore Press Release of September 4, 2019, all significant rulings in the Proceedings to date have been in Ucore's favour. The following is a status update relative to the Proceedings in each of the jurisdictions, including prior rulings and forthcoming advancement dates.
1. Nova Scotia
In anticipation of a forthcoming jurisdictional decision by the Nova Scotia Court of Appeal ("NSCA"), on Wednesday, September 11, 2019, the Supreme Court of Nova Scotia (the "Supreme Court") permitted the scheduling of the Interlocutory Injunction hearing. Subject to the release of the NSCA's decision, the Interlocutory Injunction will now be heard at 9:30 a.m. on December 4, 2019. This date was chosen both to accommodate counsel and the Supreme Court's schedules, and to allow the NSCA time to render a fulsome decision on the issue of jurisdiction.
"Ucore is appreciative to the Supreme Court for authorizing proactive steps to expedite the Proceedings process once it resumes after the Nova Scotia Court of Appeal decision," said Ucore President & CEO, Jim McKenzie. "A timely and just resolution to this matter is the goal of all concerned parties and this hearing is a significant step towards that conclusion."
Nova Scotia Supreme Court Justice Scott Norton is the assigned Case Management judge for all related Court matters.
The Company reports that no changes have taken place in the Utah Proceedings since the previously reported status of May 23, 2019.
The current status is summarized as follows:
1) IBC vs. Ucore commenced on January 4, 2019, in Third District Court, Salt Lake Division, Salt Lake County, State of Utah (the "Court"). The case was orally dismissed by the Court on May 23, 2019, but an IBC Motion Seeking Leave to Amend its Original Complaint is still before the Court.
2) IBC vs. Ucore commenced on February 19, 2019, and is currently before the U.S. District Court, District of Utah. A September 19, 2019 hearing is scheduled regarding Ucore's Motion to Dismiss, or in the alternative, to "Stay" the case due to the duplicative Nova Scotia Proceedings.
Ucore will release updated information on the above noted appeal by IBC, as forthcoming decisions and related information become available. Recent decisions of The Nova Scotia Court of Appeal may be accessed from its website, as they are posted: https://decisions.courts.ns.ca/nsc/nsca/en/nav_date.do.
More information on the Proceedings in the Nova Scotia Supreme Court can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. Additional information on the Nova Scotia and other proceedings, generally, can be obtained under the Company's profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or email@example.com.
Ucore Rare Metals is a development-phase company focused on rare and critical metals resources, extraction and beneficiation technologies with near term potential for production, growth and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.
Ucore's vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Alaska SMC in Southeast Alaska and the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska (an NI-43-101 technical report was filed on SEDAR on March 14, 2013).
For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit <http://www.ucore.com>.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development and/or acquisition activities (including any related required financings), timelines, litigation outcomes, 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 or results and actual results or developments may differ materially from those in forward-looking statements. Ucore has assumed that it will be able to procure an SX partner or SX supplier for the Alaska SMC. Ucore has also assumed that sufficient external funding will be found to develop the specific engineering plans for the Alaska SMC and its construction. Ucore has also assumed that it will in the near future be able to obtain interim financing and sufficient additional financing to acquire IBC in compliance with the terms contemplated in the existing agreements with IBC and its shareholders holding a majority of its shares. Ucore has also assumed that there will be no material adverse findings in its upcoming expected comprehensive due diligence review of IBC. Factors that could cause actual results to differ materially from those in forward-looking statements include: Ucore not being able to procure an SX partner or supplier for the Alaska SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the Alaska SMC and/or acquire IBC (including the non-acquisition payments owed under the previous and existing agreements with IBC); adverse capital market conditions; unexpected due diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC; resistance to or noncompliance by IBC or its key shareholders with the existing agreements; the emergence of alternative superior metallurgy and mineral separation technologies; the inability of IBC to retain its key staff members and clients; the inability of IBC to protect its intellectual property; unexpected transaction costs or other deal completion setbacks; a change in the legislation in Alaska and/or in the support expressed by AIDEA regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47785