Canada Rare Earth and Talaxis Extend Repayment Date on $500,000 Loan
TSX VENTURE: LL
VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is pleased to announce the three-month extension of the repayment date for $500,000 of the loan provided by Talaxis Limited to April 30, 2019.
The extension preserves working capital for the Company (currently over $1,000,000) and continues the right for Talaxis Limited to convert the $500,000 principal at 7.5 cents per unit (a unit is comprised of one share and one-half warrant).
In January 2018, Canada Rare Earth entered into a $1.5 million funding arrangement with its strategic and financing partner, Talaxis Limited. In August 2018, $300,000 was converted into shares and warrants leaving $500,000 convertible or repayable by January 31, 2019 and $700,000 convertible or repayable by January 31, 2020. All other terms of the funding arrangement continue as set out in our news release of January 30, 2018.
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:
|Tracy A. Moore
Chief Executive Officer
Chief Operating Officer
|Telephone: (604) 638-8886