CANADA RARE EARTHS SHAREHOLDERS APPROVE ALL RESOLUTIONS AT ANNUAL GENERAL MEETING
Vancouver, British Columbia, Canada - August 05, 2011 - Canada Rare Earths Inc. ("Canada Rare Earths" or the "Company") (TSX Venture: V.CJC) announces that all of the proposed resolutions have passed, in favour of the Company's recommendations, at the Company’s Annual General Meeting, including:
- to fix the number of directors at four;
- to elect David McMillan, Harold Forzley, Robert Krause, and Chad McMillan as directors for the ensuing year;
- to ratify the appointment of Smythe Ratcliffe LLP, Chartered Accountants as auditors of the Company and to authorize the directors to fix the auditors' remuneration;
- to approve the Company's 2011 fixed 20% stock option plan; and
- to approve the grant of new stock options to certain insiders of the Company at exercise prices lower than the exercise price of previously cancelled stock options
The Company also announces that it has granted to directors, officers, employees and consultants an aggregate of 1,765,000 stock options under the Company's 2011 Stock Option Plan. The options will be exercisable for a period of five years, at a price of $0.50 per share, subject to regulatory approval.
ABOUT CANADA RARE EARTHS INC.
Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements at its 100% owned Goeland Rare Earths Project within the Montviel carbonatite complex, Montviel Township Quebec, immediately adjacent to Geomega's (TSX-V: GMA) recent rare earth discovery. The Goeland property located 215 km north of Val-d'Or, is road accessible and consists of 47 claims totaling approximately 2,600 hectares. 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 of 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.
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