Ucore Closes Fully-Subscribed Private Placement of Convertible Debentures

Halifax, Nova Scotia – May 29, 2020 – Ucore Rare Metals Inc. (“Ucore” or the “Company“) (TSXV:UCU) (OTCQX:UURAF) is pleased to announce that further to its previous announcements, the Company has closed the second and final tranche (the “Second Tranche“) of its non-brokered private placement (the “Financing“) of unsecured convertible debentures (“Convertible Debentures“). Pursuant to the Second Tranche, Ucore issued 1,520 Convertible Debentures at a price of $1,000 per debenture for aggregate gross proceeds of $1.52 million which, when combined with the first tranche, resulted in a total of $2.8 million being raised through the issuance of 2,800 Convertible Debentures.