RARE EARTH METALS INC. ANNOUNCES INVESTOR RELATIONS AGREEMENTS AND SETTING OF STOCK OPTIONS
Rare Earth Metals Inc. has entered into investor relations consulting agreements, effective Jan. 15, 2010, with both First Canadian Capital Corp. and Linx Inc. The First Canadian and Linx agreements each provide for a monthly consulting fee of $3,500 plus GST and the issuance of 100,000 incentive stock options exercisable for two years at 55 cents per share and which are subject to the company's incentive stock option plan including vesting provisions. The investor relations agreements, which are subject to the approval of the TSX Venture Exchange, are for an initial term of 12 months with a three-month performance review period after which time either party may terminate on 30 days notice.
The company also announces the granting of 2.75 million stock options to directors, officers, employees and consultants of the company. These options will have a term of five years, an exercise price of 55 cents per share and will be subject to the plan including vesting provisions. Following these grants, the company will have a total of 3,265,000 stock options outstanding.
The company would also like to report that the previously announced drill program at its Clay-Howells project is scheduled to begin later this month. A 10,000-metre contract has been let to Norex Drilling in Timmins and road upgrades and camp construction is being completed. This drill program will focus on defining the Clay-Howells prospect magnetite resource and in particular its rare earth element and niobium content.
Wayne Reid, PGeo, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.
