Ucore Updates on Acquisition of IBC Legal Process
Halifax, April 29, 2019 - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the legal proceedings in Nova Scotia commenced on December 11, 2018 involving the prospective acquisition of IBC Advanced Technologies, Inc. ("IBC").
During a hearing on April 23, 2019, the Supreme Court of Nova Scotia (the "Court") dismissed a motion submitted by IBC and Steven R. Izatt asking the Court to dismiss or permanently stay proceedings before the Court on the basis that i) the Court does not have jurisdiction to hear the amended Application submitted by Ucore; or ii) in the alternative, on the basis that the Supreme Court of Nova Scotia is a forum non conveniens. The Court confirmed that IBC had, i) by its actions, submitted to having the dispute heard in Nova Scotia, and ii) that there is no other, more appropriate, forum for the parties' litigation.
Additionally, Ucore was also awarded court costs to be paid by IBC, and IBC was instructed to file its defense by May 17, 2019.
A corresponding written Order from the Court was issued on April 24, 2019, and a written Decision from the Court followed on April 26, 2019. IBC has appealed this Order to the Nova Scotia Court of Appeal; the appeal is scheduled to be heard on an expedited basis on June 19, 2019.
Due to this appeal, the following has occurred:
- With the interim injunction Ucore secured on February 27, 2019, in place, Ucore has agreed to adjourn the hearing of an interlocutory injunction from April 30, 2019, until after the appeal is determined (see Ucore press release dated April 8, 2019); and
- Ucore has also agreed to permit IBC an extension on its deadline to file a defence until ten days after the appeal is determined.
"Ucore continues to pursue all legal remedies at its disposal to reach a timely conclusion to this matter," said Ucore President & CEO, Jim McKenzie. "The Company is grateful to the Nova Scotia legal system for its diligence in expeditiously considering this case."
Decisions of the Supreme Court of Nova Scotia may be accessed from its website, as they are posted by the Court: http://courts.ns.ca/Decisions_Of_Courts/decisions_recent.htm. More information on the Nova Scotia proceedings can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. Since January 4, 2019, IBC has pursued parallel civil litigation proceedings in Utah, against which Ucore has disputed the validity of the Utah jurisdiction. More information on the Nova Scotia and other proceedings, generally, can be obtained under the Company's profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or info@ucore.com.
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. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 Million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.
Ucore's vision and plan is to transition to become a leading nanotechnology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of a Strategic Metals Complex (initially announced on Nov. 15, 2016) in Ketchikan, Alaska and the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska (technical report filed on SEDAR on March 14, 2013).
For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit www.ucore.com.
Cautionary Notes
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 acquisition activities (including any related required financings), timelines, litigation outcomes, events or developments that the Company expects, 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. Ucore has assumed that it will in the near future be able to obtain interim financing and sufficient additional financing to acquire IBC in compliance with the terms contemplated in the existing agreements with IBC and its shareholders holding a majority of its shares. Ucore has also assumed that there will be no material adverse findings in its upcoming expected comprehensive due diligence review of IBC. Factors that could cause actual results to differ materially from those in forward-looking statements include: Ucore not being able to raise sufficient funds to acquire IBC (including the non-acquisition payments owed under the previous and existing agreements); adverse capital market conditions; unexpected due diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC; resistance to or noncompliance by IBC or its key shareholders with the existing agreements; the emergence of alternative superior metallurgy and mineral separation technologies; the inability of IBC to retain its key staff members and clients; the inability of IBC to protect its intellectual property; unexpected transaction costs or other deal completion setbacks; the availability and procurement of any required interim financing that may be required; and general economic, market or business conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44383
