ChemX Materials

Results of Share Purchase Plan

Share Purchase Plan and Tranche 1 Placement Raise $1,350,000

ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials developer, is pleased to advise results of its Share Purchase Plan (SPP) following a successful Tranche One placement to sophisticated and professional investors which raised $1,053,000 as announced on 25 March 2024 (Placement).


As announced on 3 April 2024, ChemX opened a SPP for eligible shareholders to participate in the Company’s capital raising activities. The aim of the SPP was to a raise a further $500,000 (before costs) from the issue of up to 10,416,667 Shares.

The SPP closed on Friday, 10 May 2024 and successfully raised $297,000. In accordance, 6,187,000 Shares will be issued on 17 May 2024.

ChemX confirms that all valid applications under the SPP were accepted in full. The Company reserves the right to place the SPP shortfall subject to its available placement capacity.

Under the SPP, eligible shareholders had the opportunity to apply for up to $30,000 of new fully paid ordinary shares (Shares) at $0.048/share. Those eligible shareholders who participated in the SPP, will be offered, subject to shareholder approval, one free attaching option for two new shares issued, exercisable at $0.09 per share and expiring three years from the date of issue by ChemX (SPP Options). The SPP Options will be issued under a Prospectus to be despatched to investors in due course.

The SPP follows the successful Placement under Tranche One which raised $1,053,000 (before costs) from new and existing professional, sophisticated investors. Furthermore, Directors have committed to subscribe for 1,354,166 Shares, subject to shareholder approval, in addition to the Placement to raise an additional $65,000 at the same issue price.

All funds raised will be applied towards the 24tpa HiPurA® high purity alumina (HPA) pilot plant, working capital and costs of the offer.

On Monday, 27 May 2024, a General Meeting will be held to approve the issue of Placement Options, SPP Options, Director participation in the Tranche 2 Placement for $65,000 worth of Shares and other matters as detailed in the Notice of Meeting lodged and despatched on 22 April 2024.

The Company would like to thank all current shareholders and new investors who supported this capital raising and we look forward to undertaking early stage commissioning of 24tpa HPA Pilot Plant in June 2024.


Click here for the full ASX Release

This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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ChemX Materials (ASX:CMX)

ChemX Materials


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# # #

 

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'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 establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

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, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing 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.

Regarding any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2023 (filed on SEDAR on November 20, 2023) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("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.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

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