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Ucore Announces CAD $2.5M Financing

August 1, 2017      Source:Ucore

Keywords:rare earth

July 31, 2017 – HALIFAX, NOVA SCOTIA – Ucore Rare Metals Inc. (TSXV:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to announce that it has entered into a financing agreement with Orca Holdings, LLC of Alaska (“Orca”) to sell and leaseback from Orca its SuperLig®-One MRT Rare Earth Pilot Plant (the “Pilot Plant”).

Under the terms of the finance and leaseback agreement (the “Finance Agreement”), the Pilot Plant will be sold to Orca Holdings, LLC (“Orca”) for total proceeds to Ucore of CAD$2.5 million (USD$2 million) (the “Purchase Price”). Orca will subsequently lease the Pilot Plant to Ucore over a 3-year term at an annual lease rate of 15% (the “Term”). At the option of either party, the lease may be terminated upon the payout by Ucore of the Purchase Price at any time commencing the second year of the Term.

Further to the Finance Agreement, USD$1 million will be budgeted and set aside for payment to IBC Advanced Technologies of American Fork, Utah (“IBC”) for the balance outstanding under the joint venture agreement between IBC and Ucore to pursue rare earth separation, tailings processing and catalytic converter recycling applications (the “Joint Venture”) (see Ucore Press Release dated March 3, 2015). To date, Ucore has completed payments totaling $1.9M of the $2.9M required under the Joint Venture agreement.

“This is a non-dilutive financing arrangement which leverages a significant asset for go-forward development”, said Jim McKenzie, President & CEO of Ucore. “The Pilot Plant has an innovative modular design which can be modified for multiple purposes, whether at its existing location in Utah, or as the expandable framework for rare earth output in Alaska or elsewhere. We look forward to working with Orca to optimize and generate maximum value from this remarkable development platform.”

Closing of the foregoing transaction is subject to the approval of the TSX-Venture Exchange.

About Ucore

Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near term potential for production, growth and scalability. On March 3, 2015, Ucore announced the development of a joint venture with IBC for the deployment of SuperLig® Molecular Recognition Technology for REE and multi-metallic tailings processing applications in North America and associated world markets. The Company has a 100% ownership stake in the Bokan project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for the investment of up to USD $145 Million in the Bokan project at the discretion of the Alaska Import Development and Export Agency (“AIDEA”).

For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit <http://www.ucore.com>.

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