Ucore Rare Metals announced that it will acquire all of the issued and outstanding shares of Innovation Metals.
Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) announced that through a binding share purchase agreement it will acquire all of the issued and outstanding shares of Innovation Metals.
Ucore will pay an aggregate purchase price of C$5,801,000, made up of 45,383,412 common shares of the company and C$1,000 in cash.
As quoted in the press release:
IMC is a privately held Canadian company that has developed RapidSX™ technology for the separation and purification of critical metals including rare earth elements (“REEs”), lithium (“Li”), nickel (“Ni”) and cobalt (“Co”). RapidSX™ is an accelerated solvent-extraction-based separation technology, developed and successfully piloted by IMC. Amongst other test work, RapidSX™ has proven highly effective at the pilot scale in separating both heavy REE (“HREE”) and light REE (“LREE”) feedstocks to commercial-grade rare-earth oxides (“REO”) with expected significant technical and economic efficiencies relative to existing technologies.
The Company further announces that it has received subscription agreements pursuant to a concurrent C$2.8 million convertible debenture financing (the “Financing”). The Financing is integral to the acquisition as the proceeds from the Financing will be used to progress the development and deployment of the RapidSX™ technology and the related further advancement of the Company’s M3 Plan of Action.