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- RareX (REE) has acquired a 12.3 per cent stake in the Canada Rare Earths Company (CREC)
- REE bought C$1 million (around A$1 million) worth of shares in the TSX-listed business at a price of 4 cents each
- The company entered into an option agreement to buy the 24 million CREC shares from Talaxis Group late last year
- Since the agreement was signed, shares in Canada Rare Earth Company have soared to 18 cents each
- The rise has given RareX an unrealised gain of $3.47 million and takes its shareholding in CREC to approximately C$4.46 million (about A$4.52 million)
- Meanwhile, REE has also announced it will pursue listing its shares on the OTCQB market in North America
- Company shares are currently trading on the ASX for 11.5 cents each, down 4,17 per cent
RareX (REE) has acquired a 12.3 per cent stake in the Canada Rare Earths Company (CREC).
REE bought C$1 million (around A$1 million) worth of shares in the TSX-listed business at a price of 4 cents each.
The purchase comes after RareX bought the option to acquire 24 million CREC shares from Talaxis Group back in late December.
In a pleasing development for REE, since the agreement was signed shares in Canada Rare Earth Company have soared to 18 cents each.
The share price bump pushes RareX’s shareholding in CREC to approximately C$4.46 million (about A$4.52 million).
It also gives the company an unrealised gain of $3.47 million and increases RareX’s total cash and liquids position to $8.6 million.
Meanwhile, REE has also revealed it will pursue listing its shares on the OTCQB market in North America.
The company believes cross-listing will broaden its investor base in the U.S. and Canada during this favourable time for the rare earth industry.
REE shares are currently trading on the ASX for 11.5 cents each, down 4.17 per cent at 2:51 pm AEDT.
