Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF) today provided a corporate update and announced that it intends to extend the term of certain outstanding convertible debentures, which currently have a maturity date of May 31, 2023. According to the update, the debentures were originally issued in May of 2020, with a three-year term. On May 21 and 29, 2020, Ucore issued 1,280 and 1,520 convertible debentures respectively, with a face value of $1,000 each for total gross proceeds of $2.8 million. These unsecured debentures bear interest at a rate of 7.5% payable semi-annually and mature on May 31, 2023. Per the terms of the convertible debentures, the company has the option to extend the maturity date by one year in exchange for the payment of an extension fee equal to 6-months interest. Ucore intends to exercise its right to extend the maturity date of the remaining outstanding convertible debentures by one year, with a resulting maturity date of May 31, 2024, and to pay the extension fee of $47,063.

To view the full press release, visit https://ibn.fm/SNg6l

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry. Through strategic partnerships, this plan includes disrupting the People’s Republic of China’s control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the U.S. state of Louisiana, subsequent SMCs in Alaska and Canada and the longer-term development of Ucore’s heavy-rare-earth-element mineral-resource property at Bokan Mountain on Prince of Wales Island, Alaska. Ucore is listed on the TSXV under the trading symbol UCU and in the United States on the OTC Markets’ OTCQX(R) Best Market under the ticker symbol UURAF. For further information, please visit https://ucore.com/corporateupdate.

About MiningNewsWire

MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to millions of social media followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.

To receive SMS text alerts from MiningNewsWire, text “BigHole” to 844-397-5787 (U.S. Mobile Phones Only)

For more information, please visit https://www.miningnewswire.com

Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.miningnewswire.com/Disclaimer

MiningNewsWire
Los Angeles, California
www.miningnewswire.com
310.299.1717 Office
Editor@MiningNewsWire.com

MiningNewsWire is part of the InvestorBrandNetwork.