Effective April 23, 2013, Ucore Rare Metals Inc.'s prospectus dated April 23, 2013, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the Nova Scotia and Ontario securities commissions on April 23, 2013. The prospectus has been filed under Multilateral Instrument 11-102 passport system in British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. A receipt for the prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the instrument have been satisfied.

The TSX Venture Exchange has been advised that closing occurred on May 13, 2013, for gross proceeds of $5-million.

Underwriters:  Byron Capital Markets Ltd., Knight Capital Americas LLC

Offering:  20 million common share units; each unit consists of one common share and one common share purchase warrant

Unit price:  25 cents per unit

Warrant exercise price/term:  Each warrant will entitle the holder to purchase one common share at a price of 35 cents per common share for a period of 36 months.

Agents' commission:  Cash commission equal to 6 per cent of the gross proceeds of the prospectus is to be paid to the agents. The agents will also receive share purchase warrants equal to 6 per cent of the number of units issued (including units issued upon exercise of the option). Each broker warrant is exercisable for one share at the price of 25 cents per share for a period of 36 months from date of issuance.