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RareX (ASX:REE) purchases option to acquire Canadian rare earths company for A$1.02M

The date of: 2020-12-24
viewed: 1

source:The Market Herald

RareX (REE) is set to acquire Talaxis Group's entire stake in Canada Rare Earth Corporation (CREC), a TSX-listed rare earths company

RareX will pay Talaxis an option fee of $50,000 to acquire over 24.7 million shares in CREC at C$0.04 (roughly A$0.041)

This translates to an acquisition price of around C$991,186 (roughly A$1.02 million)

CREC is considered an industry expert in global rare earths and building and operating rare earth refineries

Ultimately, the companies will explore refining options for concentrates produced from RareX's Cummins Range project in WA

Company shares are up 4.55 per cent and trading at 11.5 cents

RareX (REE) has bought an option to acquire Talaxis Group Holdings' entire stake in Canada Rare Earth Corporation (CREC).

RareX will pay Talaxis an option fee of $50,000 to acquire 24,779,658 shares (12.3 per cent issued capital) in CREC for C$0.04 (roughly A$0.041) by February 18, 2021.

The total price of the acquisition is C$991,186.32 (roughly A$1.02 million).

CREC is a TSX-Venture Exchange-listed rare earths company that is aiming to develop a business that will act as a supply chain within the global rare earth industry.

Its partners are well-versed in designing, building and operating rare earth refineries with an annual production rate ranging between 2500 and 12,000 metric tonnes per year.

RareX considers the acquisition to be highly beneficial due to CREC's knowledge of the global rare earth industry, its access to ex-China rare earth refining capacity, its ability to build and operate refineries, and its involvement in trading rare earth concentrates.

'At a time of continued strength in rare earths prices and increasing demand globally, this is an exciting opportunity for RareX to become involved at other levels of the global rare earths industry through a possible partnership with an experienced global group such as CREC,' RareX Managing Director Jeremy Robinson said.

RareX and CREC will explore refining options for concentrates produced from RareX's WA-based Cummins Range Rare Earths Project, which it is looking to advance next year.

Company shares are up 4.55 per cent and trading at 11.5 cents at 10:55 am AEDT.



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