CANADA RARE EARTHS ENGAGES
OCEANPOINT ADVISORS INC. FOR IR
Vancouver, British Columbia, Canada - June 02, 2011 - Canada
Rare Earths Inc. (TSX.V: CJC; FSE: YXEN; OTC-BB:
CJCFF) ("Canada Rare Earths" or the "Company") is
pleased to announce that it has entered into an investor relations
agreement (the "Agreement") with OceanPoint
Advisors Inc. ("OceanPoint")
pursuant to which OceanPoint will provide
investor relations services to the Company. The Agreement is for a term
of one year, during which time OceanPoint
will effect communications between the Company, its shareholders and
prospective investors, and develop an investor relations program
designed to raise awareness of the Company's business among prospective
investors and the investment community.
Under the terms of the Agreement, the Company will compensate OceanPoint $10,000 per month for the one year term
of the Agreement but has the right to cancel the Agreement after the
first 6 months of service, and/or extend it past the initial term.
Pursuant to the Agreement, the Company has agreed to grant OceanPoint incentive stock options to purchase up
to 175,000 common shares of the Company at a price of $0.45 per share,
exercisable until May 31, 2012. The options are subject to vesting
provisions pursuant to which 25% of the options granted will vest in
each quarter.
The Company also announces that options to purchase up to
100,000 common shares of the company previously granted to insiders of
the Company on April 19, 2011 have been cancelled with the consent of
the option holders. The cancelled options were exercisable at $0.66 per
share and had an expiry date of April 19, 2016. New options granted to
these option holders at an exercise price lower than $0.66 during the
next 12 months will be subject to disinterested shareholder approval.
ABOUT CANADA RARE EARTHS
Canada Rare Earths is a growth company focused on the
exploration and development of its 100% owned Goeland
Rare Earth Project located 215 km north of Val d'Or in the Abitibi
region of Quebec, straddling Geomega's
(TSX-V: GMA) Montviel property on the east
and west. The Company has identified two high priority sectors and has
initiated an exploration program with diamond drilling expecting to
commence in July 2011. Since the acquisition of the Goeland
Project, the Company, in a short period of time, has successfully
established itself in one of the largest Carbonatite
complexes in North America.
For further information on Canada Rare Earths, please
contact us at our Head Office.
On Behalf of the Board,
CANADA RARE EARTHS INC.
Chad McMillan
President & CEO
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. All of the above is subject to TSX.V and regulatory
acceptance.
Cautionary Note Regarding Forward-Looking Statements: This release may contain forward-looking statements. Actual
results could differ materially from those described in this news
release as a result of various factors, including, but not limited to
the timing of and ability to obtain regulatory approvals. The Company
cautions that these and similar statements involve risk and
uncertainties and are qualified by important factors, including the
risk that the Company will not obtain required approvals, which could
cause actual results to differ materially from those in the forward
looking statements. Forward-looking statements are made in the context
of information available as of the date stated. The Company undertakes
no obligations to update or revise such statements to reflect new
circumstances or unanticipated events as they occur, unless required by
applicable law.
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