- Ucore recently announced the closing of the first tranche of its previously announced private placement offering of units of the company
- On June 6, the company announced that the U.S. DOD had awarded it a $4 million project grant
- Together, these moves bolster Ucore’s working capital and continue to stamp its position as a leader in its space
- Through its investments, Ucore is inching closer to taking over the global rare earth elements market, which is expected to hit $5.6 billion by 2025
Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a company engaged in the exploration for and separation and scalable production of rare earth elements (“REEs”) in Canada and the U.S., is, through its many strategic efforts, building itself to become a major leader in its sector. Just recently, the company announced the closing of the first tranche of its previously announced private placement offering of units of the company, for aggregate gross proceeds of $4,409,500, in what is set to be a key catalyst in advancing its RapidSX(TM) REE commercial demonstration plant in Kingston, Ontario (https://ibn.fm/kcaNI).
“We believe that Ucore’s Kingston, Ontario, Demo Plant is currently the largest heavy REE separation plant in North America,” noted Mike Schrider, Ucore’s Vice President.
“It is capable of processing tens of tons of light and heavy REEs utilizing the exact same equipment – and represents a unique technological advantage,” he added (https://ibn.fm/Xn03z).
On June 6, Ucore announced that the U.S. Department of Defense (“DOD”) had awarded it a $4 million project grant. The move showed that Ucore and RapidSX(TM) could meet government benchmarks, even as the company continues establishing an alternative supply chain for REEs independent of the People’s Republic of China (https://ibn.fm/9LEFE). This, coupled with the first tranche private placement, not only bolsters Ucore’s working capital but also continues to stamp its position as a leader in its space.
China controls over 36.7% of the world’s REE reserves, 63% of its mining capacity, and over 90% of its refining capacity. Ucore is out to eat into this market share and assert dominance and independence from this supply chain (https://ibn.fm/k7qM4). Through its tried technology, the company has won over the U.S. government. With its aggressive yet strategic investments, the company is on track to create a critical metals (“CM”) supply chain independent of China.
So far, Ucore has invested over C$35 million to establish and validate the Bokan-Datson Ridge resource. Its additional investments throughout North America continue to inch the company closer to taking over the global rare earth elements market, which is expected to be valued at $5.6 billion by 2025. In addition, these investments continue to prop Ucore to be the leading global metal separation products and services provider, ultimately creating value for its shareholders.
For more information, visit the company’s website at www.Ucore.com.
NOTE TO INVESTORS: The latest news and updates relating to UURAF are available in the company’s newsroom at https://ibn.fm/UURAF
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