Canada Rare Earth Acquires Rare Earth Trading Business
Canada Rare Earth Corp. [TSXV-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.”
Shares of the Company are currently trading at CAD$0.065 cents with 220m shares issued and outstanding.