12:35 PM EDT, 06/19/2025 (MT Newswires) -- Ucore Rare Metals ( UURAF ) on Thursday said it is closing a best-efforts private placement of share units that raised $15.5 million, including the full exercise of the agents' option.

The company sold 12.92-million units priced at $1.20 each and made up of a share and one half of a three-year warrant to buy a second share of $1.75.

The company expects to use the proceeds for finalization of upstream mixed rare-earth feedstock agreements and downstream customer offtake agreements for its planned strategic metals complex in Louisiana, completion of its existing obligations pursuant to its agreements with the U.S. Department of Defense and Natural Resources Canada, commercial scale column confirmation testing, progressing engineering drawings and plans, which are currently ongoing, for its planned SMC, and general working capital requirements.

The company's shares were last seen down $0.01 to $1.19 on the TSX Venture Exchange.

Price: 1.19, Change: -0.01, Percent Change: -0.83