Canada Rare Earth Corporation

October 16, 2020

Canada Rare Earth to Issue Shares for Consideration of $181,545

Vancouver, British Columbia: Canada Rare Earth Corp.  (“Canada Rare Earth” or the “Company”) (TSX.V: LL) announces that for consideration of $181,545 the Company will be issuing 3,550,898 common shares (the “Shares”).

The TSX Exchange approved the issuance of (i) 3,167,565 Shares at a deemed price of $0.051 per Share to an insider of the Company to settle a loan in the amount of $161,545 and (ii) the issuance of 83,333 Shares at a deemed price of $.06 per Share to settle a debt of $5,000.  These Shares will be issued subject to a four-month hold period.

Additionally, options to purchase 300,000 Shares at $0.05 per Share were exercised with consideration of $15,000.

The Company also announces that, subject to regulatory approval, options to purchase 4,400,000 Shares will be issued to various directors, officers, and consultants. Such options will vest over 18 months and are exercisable at $0.07per Share for a period of 5 years from the date of issue.

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.

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.
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