Supreme Court of Canada Rules in Favour of Ucore

Halifax, Nova Scotia – (October 21, 2019) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to provide an update on the legal proceedings in Nova Scotia commenced on December 11, 2018,  (the “Action“) involving the prospective acquisition of IBC Advanced Technologies, Inc. and specifically, the enforceability of the Option to Purchase Agreement (“OTP“) and allegedly defamatory public comments made by IBC Advanced Technologies, Inc. and Steven R. Izatt (collectively, “IBC“).

On October 16, 2019, IBC submitted a motion seeking from the Supreme Court of Canada (the “SCC“) an Order staying all proceedings pending resolution of IBC’s request for leave to the SCC.

At 4:37 p.m. E.D.T. on October 18, 2019, the SCC issued an Order dismissing IBC’s motion and denying any stay of proceedings.

“IBC has now exhausted all levels of Court in Canada in an effort to forestall having to file its pleadings in Nova Scotia. Ucore has been successful in every instance. IBC must now file its defence and counterclaims by October 21, 2019,” stated Mike Schrider, Ucore COO.  “Each time Ucore has been given an opportunity to present counter-arguments and correct the factual record, IBC has failed to advance its unfounded, false and offensive allegations against Ucore and some of its executives – in any jurisdiction [see Table 1].  Notwithstanding extensive measures by IBC to delay and avoid this Action, we look forward to receiving IBC’s pleadings in Nova Scotia on October 21, 2019, so that this matter may finally be dealt with on its merits, where it belongs and in a timely fashion.”

“Ucore is extremely grateful to the Supreme Court of Nova Scotia, the Nova Scotia Court of Appeal, and the Supreme Court of Canada for their just and expeditious decisions regarding the continuation of this Action in Nova Scotia,” said Jim McKenzie, President & CEO of Ucore. “IBC has and continues to take extraordinary measures to derail the rightful adjudication of this dispute in the Supreme Court of Nova Scotia, however that is where the dispute regarding the lawful acquisition of IBC will now proceed.”

Table 1 denotes the record to date of all significant court events, rulings and decisions between Ucore and IBC:

Table 1 – Significant Court Events
Case No. 1

Ucore v. IBC (Filed December 11, 2018, NSSCi)
Court Activity
Key Dates
Description of Significant Events
Jurisdiction
Status
Apr 26, 2019 Decision: IBC’s Jurisdictional Challenge
NSSC
Denied Against IBC
Oct 9, 2019
Decision: IBC’s Jurisdictional Appeal
NSCAii
Denied Against IBC
Oct 11, 2019 Edict: IBC’s Motion for an Emergency Hearing
NSCA
Denied Against IBC
Oct 18, 2019 Order: IBC’s Motion for Stay
SCC
Denied Against IBC
Oct 21, 2019 IBC’s Defense & Counterclaims Due NSSC
Case No. 2

IBC v. Ucore, et al. (Filed January 4, 2019, Utah Stateiii)
Court Activity
Key Dates
Description of Significant Events
Jurisdiction
Status
May 23, 2019
Oral Decision: Ucore’s Jurisdictional Challenge
Utah State
Granted in Favor of Ucore
Sept 23, 2019
Decision: Ucore’s Jurisdictional Challenge
Utah State
Granted in Favor of Ucore / Case Dismissed
Oct 18, 2019
IBC’s Notice of Appeal
Utah State
Submitted
Case No. 3

IBC v. Ucore, et al. (Filed February 19, 2019, Utah Federaliv)
Court Activity
Key Dates
Description of Significant Events
Jurisdiction
Status
Sept 19, 2019
Hearing: Ucore’s Challenge Regarding Duplicative Proceedings & International Comity
Utah Federal Decision Reserved
i The Supreme Court of Nova Scotia
ii The Nova Scotia Court of Appeal
iii Third District Court, Salt Lake Division, Salt Lake County, State of Utah
iv U.S. District Court, District of Utah

Decisions of the NSSC and NSCA may be accessed from the Courts’  website, as they are posted by the courts: https://decisions.courts.ns.ca/nsc/en/nav.do. More information on the Nova Scotia proceedings can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. More information on the Nova Scotia and other proceedings, generally, can be obtained under the Company’s profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or info@ucore.com.