Ucore Rare Metals (TSX-V:UCU) has entered into an agreement for a C$60 million ($60.9 million) bought deal public offering to fund the development of its Louisiana Strategic Metals Complex (SMC) in the US.
Underwriter Red Cloud Securities, alongside co-lead underwriter B. Riley Securities, will purchase 21.43 million common shares at C$2.80 per share. The offering includes a cornerstone order from an institutional investor and grants underwriters a 15% over-allotment option exercisable for 30 days post-closing.
Net proceeds will fund development of the Louisiana SMC, working capital, and general corporate purposes as part of establishing a North American rare earth elements (REE) supply chain.
The offering expects to close on or about 13 August 2026, subject to customary conditions and TSX Venture Exchange approval. Shares will be offered across Canadian provinces except Québec via a prospectus supplement, alongside international private placements.
Ucore is also developing the 100%-owned Bokan-Dotson Ridge Rare Earth Project located on the Prince of Wales Island in southeast Alaska, US.
Ucore Rare Metals focuses on rare and critical metal resources, extraction, and separation technologies with potential for production scalability.
Write to Paula Fabe at Mining.com.au
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