Junior explorer Ucore Rare Metals (TSX VENTURE: UCU)(OTCQX: UURAF) said Thursday it has completed its previously announced $10 million private placement financing.
The company sold 25.0 million units at $0.40 per unit. Each unit consists of one common share and one half of one common share purchase warrant, with each whole warrant giving the holder the right to purchase one common share at a price of $0.55 for a period of two years from closing.
The offering was led by Byron Securities, with Pope & Company acting as syndicate agent. The agents were paid a cash commission of 7% of the gross proceeds and were issued brokers' warrants.
Ucore is focused on establishing REE and uranium resources through exploration and property acquisition. The company's primary focus is the Rare Earth One-operated Bokan Mountain rare earth element project, located on the southern part of the Prince of Wales Island in southeastern Alaska.