08:47 AM EDT, 06/09/2025 (MT Newswires) -- Ucore Rare Metals ( UURAF ) , which gained near 15% on Friday, increased the size of its previously announced "best efforts" private placement to up to $14 million from up to $10 million.

On Monday, the company said the offering is comprised of the sale of up to 11.7 million units at $1.20 apiece. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant.

As previously disclosed, net proceeds are expected to be used for the finalization of upstream mixed-rare-earth feedstock agreements and downstream customer offtake agreements for its planned strategic metals complex in Louisiana, USA; the completion of its existing obligations pursuant to its agreements with the U.S. Department of Defense and Natural Resources Canada; and commercial scale column confirmation testing. It also intends to use proceeds for progressing engineering drawings and plans, which are currently ongoing, for its planned SMC and for general working capital needs.

Closing of the offering is expected on or about June 19 and is subject to certain closing conditions.

Shares of the company closed down $0.17 to $1.32 on Friday on the TSX Venture Exchange.