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Quantum Rare Earth Developments Corp. (CVE:QRE) reports its completion of Elk Creek acqusition.
The press release is quoted as saying:
The Company has completed the acquisition by way of a three cornered amalgamation and as a result, Elk Creek has become an indirect wholly owned subsidiary of the Company.
Acquisition costs were as follows: the payment of $100,000 in due diligence fees, $490,000 in advance land acquisition costs, a $200,000 option payment, the issuance of 18,990,539 common shares to the shareholders of 0805904 B.C. Ltd. in exchange for their shares; and the payment of all Elk Creek’s option payments required by the Landowner Agreements.
Quantum ‘s President and CEO, Peter Dickie says:
“We are extremely pleased to have finally completed all the necessary steps to ensure ownership of this extraordinary asset” “We anticipate commencing exploration and development activities as soon as possible with the aim of bringing the historic niobium resource up to modern reporting standards and expanding development of both the niobium and rare earth segments of the property.”
Click here to access the entire news release.