Canada Rare Earth Completes Debt Conversion
August 7, 2019
Canada Rare Earth Completes Debt Conversion
Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is pleased to announce the completion of converting $1,254,260 of debt into common shares of the Company and warrants.
Talaxis Limited in support of Canada Rare Earth has converted its entire loan principal balance of $1,200,000 and accrued interest of $53,260 into 15,612,093 common shares of the Company and 6,000,000 warrants.
Each warrant is exercisable until July 31, 2020 at the greater of (i) $0.10 and (ii) the 10-day value weighted average price of the Company’s common shares on the TSX Venture Exchange less 15%
This recently concluded arrangement brings Talaxis’ ownership to 21,612,093 common shares (11.2% of the Company’s current issued and outstanding common share) plus 9,000,000 warrants.
Tracy A. Moore, CEO of Canada Rare Earth noted, “This debt conversion arrangement accomplishes three fundamental purposes: enhances our Shareholders’ Equity by $1,253,260; reduces our liabilities by the same amount; and further demonstrates the confidence Talaxis shares with our corporate vision and business development initiatives.”
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth is generating revenues and gross profits as we develop our integrated supply chain business based on the rare earth industry and with increasing attention directed to valuable by-products. Our business involves sourcing, adding value and selling rare earths and other mineral products in all stages and forms utilizing proprietary, affiliated and third-party sources and facilities.
On behalf of the Board
Tracy A. Moore, CEO and Peter Shearing, COO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the ‘safe harbour’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
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Tracy A. Moore Chief Executive Officer |
Peter Shearing Chief Operating Officer |
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Telephone: (604) 638-8886 Website: www.canadarareearth.com |
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