Business
Canada Rare Earth Gains Traction With the Agreement to Purchase a Rare Earth Separation Refinery
VANCOUVER, BC--(Marketwired - November 09, 2016) - Canada Rare Earth Corporation ("Canada Rare Earth" or the "Company") (TSX VENTURE: LL) is pleased to announce
About this update from Canada Rare Earth Corp.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - November 09, 2016) - Canada Rare Earth Corporation (\"Canada Rare Earth\" or the \"Company\") (TSX VENTURE: LL) is pleased to announce significant progress towards the permitting of the completed, full capability rare earth separation refinery (the \"Refinery\") described in our news release of May 9, 2016. Peter Shearing, the Chief Operating Officer of Canada Rare Earth, explained, \"We have identified a source of concentrate feedstock for the Refinery which eliminates a major impediment to the permitting process, and we have gained the confidence of international businesses and governments that are supporting our permitting approach.\" The Refinery, based on the design of other successful operating facilities, is capable of separating concentrate into the entire spectrum of commercially traded, light and heavy rare earth elements to high levels of purity. The Refinery is intended to become a core aspect in the Company's vertical integration strategy and operations. Significant and sincere interest has been generated from prospective purchasers for the Refinery's products. As set out in the May 9th news release, Canada Rare Earth entered into an agreement (the \"Agreement\") to purchase 60% of the issued and outstanding shares (the \"Shares\") of the company which owns the Refinery, subject to certain terms and conditions including: receiving an operating permit within 6 months of the date of the Agreement; and paying a specified purchase price for the Shares within 12 months of the date of the Agreement. Based on Canada Rare Earth's demonstrated progress the deadline for obtaining the operating permit has been extended to February 9, 2017, for no additional consideration. There can be no assurance that either or both of the operating permit or the necessary funding for the purchase of the Shares will be achieved within the specified time frames. On behalf of the Board Tracy A. Moore, CEO and Peter Shearing, COO ABOUT CANADA RARE EARTH CORP. Canada rare earth is developing an international vertically and horizontally integrated business within the global rare earth industry. Our key focus is to generate revenues and positive cash flow from a variety of profit centers in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the...