Ucore Rare Metals: Royalty Investor Ups Commitment to C$11.5 Million

Ucore Rare Metals (TSXV:UCU) reported that foreign investment fund Concept Capital Management has exercised its right to convert a portion of its investment in a royalty related to the MRT process into common shares of Ucore.
As quoted in the press release:

The Royalty is with respect to sales / income associated with the Company’s first installation utilizing Molecular Recognition Technology (see Ucore press release dated December 14, 2015).
Under the terms of the original agreement, the Investor agreed to pay a total of USD $5 million for the Royalties, with USD $2.5 million being paid in December of 2015 and the remaining USD $2.5 million to be paid in April of 2016. The Company has agreed to allow the Investor to convert the USD $2.5 million already paid into common shares of the Company in exchange for the Investor’s agreement to increase the payment due in April 2016 from USD$ 2.5 million to USD $5 million and a firm commitment on behalf of the Investor to exercise its option to increase its royalty investment by USD $1 million under the terms of the original agreement. The conversion will take place at a price of CAD $0.26625 per share, resulting in a total of 12,676,050 shares being issued, using a foreign exchange rate of $1.35 CAD / USD.
All included, the Investor has committed to a total investment of USD$8.5 million (approx. CAD$11.5 million) since December 14, 2015. The conversion and amendment to the original royalty agreement are subject to the approval of the TSX-Venture Exchange.

Click here for the full press release.