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Be the first with the news that moves the market- Ucore Rare Metals Inc. (TSXV:UCU) has won another small battle in the ongoing legal case surrounding its acquisition of IBC Advanced Technologies Inc
- The legal battle between the two companies has been ongoing since 2018 in regards to an Option to Purchase Agreement for Ucore to acquire IBC.
- In this latest development, The Supreme Court of Canada has ruled in favour of Ucore, after IBC appealed a 2019 decision made by the Nova Scotia Court
- The Supreme Court’s decision doesn’t directly impact the validity of the purchase agreement, but does uphold Nova Scotia right to hear and proceed with the case
- Ucore Rare Metals Inc (UCU) is down 3.85 per cent, with shares trading for C$0.12 and a market cap of $45.6 million
Ucore Rare Metals Inc (TSXV:UCU) has won another small battle in the ongoing legal case surrounding its acquisition of IBC Advanced Technologies Inc.
The Supreme Court of Canada has ruled in favour of Ucore, after IBC appealed a 2019 decision made by the Nova Scotia Court.
The legal battle between the two companies has been ongoing since 2018 and regards an Option to Purchase Agreement for Ucore to acquire IBC.
The latter company is contesting the agreement. Furthermore, Ucore is now also pursuing legal action by claiming IBC Advanced Technologies’ CEO and President, Steven R. Izatt, made defamatory public comments.
While the decisions made today doesn’t directly impact the validity of the agreement or the alleged defamation, it does uphold Nova Scotia right to hear and proceed with the case.
This is the latest positive decision for Ucore, after a number of preliminary decisions surrounding the acquisition were made in Utah and Nova Scotia courts over the past two years.
Mike Schrider, COO of Ucore, believes this is another positive step in the lengthy legal process.
“In hopeful anticipation of this decision, and to conserve and combine resources, Ucore has accelerated its disclosure process in Nova Scotia, in concert with the disclosure and discovery process in Utah.
“The Company continues to find itself on the favourable side of another court decision and looks forward to the judicious, yet prompt execution of all legal matters related to the equitable acquisition of IBC,” he said.
Ucore’s President and CEO, Jim McKenzie stated that the extended legal process has not diminished the company’s focus on developing a North American rare earth supply chain.
Ucore Rare Metals Inc (UCU) is down 3.85 per cent, with shares trading for C$0.12 at 12:03pm EST.
