Ucore Rare Metals, a development stage firm engaged in the exploration of rare earth resources, has signed second royalty agreement to raise $1m.

Under the deal, US-based investor will pay $1m to Ucore in consideration for a royalty on the sale of products and services associated to the processing of rare earth elements and other specialty metals and critical materials utilizing SuperLig Molecular Recognition Technology (MRT).

The investor will receive a royalty from the production of Ucore’s early stage MRT installations with the right to convert the total amount of the investment into common shares of Ucore.

Ucore has several projects throughout North America. The company’s primary focus is the 100% owned Bokan-Dotson Ridge REE property in Alaska.

The Bokan-Dotson Ridge REE project is situated 60km southwest of Ketchikan, Alaska and 140km northwest of Prince Rupert, British Columbia.

The Bokan property has heavy rare earth elements that include Dysprosium, Terbium and Yttrium.

Ucore said about 40% of the rare earth elements contained on the Dotson Ridge property are heavy rare earths elements.