Canada Rare Earth Acquires Rare Earth Trading Business to Augment Existing Momentum
July 23, 2021
Canada Rare Earth Acquires Rare Earth Trading Business to Augment Existing Momentum
Vancouver, British Columbia: Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) has entered into an agreement to acquire the rare earth trade aspects of business from TEC Commodities Limited (“TEC”), a private Hong Kong company.
As a part of the ongoing initiatives to grow its rare earth centered trading business the Company has agreed, subject to regulatory approval, to acquire the relationships, contacts and ongoing business in the rare earth sector from TEC in exchange for one million (1,000,000) common shares of the Company of which 800,000 shares are subject to vesting over a period of one to three years.
Peter Shearing, Chief Operating Officer explained, “The sourcing and customer contacts and relationships established by TEC over a number of years will augment our existing business and allow us to grow our trading volume and revenues more quickly than if we were to build these relationships from the ground up.”
Tracy A. Moore, Chief Executive Officer of the Company added, “The book of business that comes to us through this acquisition will quickly broaden and grow the business building on the trade platform we have already established. With the previously announced addition of Elyse Kohyann as the Head of Global Trading we are confident that this is an additional significant step for the Company.”
About Canada Rare Earth Corp.
Canada Rare Earth is developing an international supply network based on proprietary, affiliated and third-party mineral sources and existing, developing and planned processing facilities. We are generating revenues and gross profits from the sale of rare earths and connected mineral products.
Canada Rare Earth recently relocated its head office to Suite 2110, 650 West Georgia Street, Vancouver BC Canada.
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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