Matamec Explorations Inc. (TSXV:MAT) has announced that it received $1.595M CDN from Toyotsu Rare Earth Canada Inc. for the continued exploration of the company’s Kipawa mine project, which has potential for rare earths including tantalum mineralization.
As quoted in the press release:
Under the terms of the Joint Venture Agreement (“JVA”) by which TRECan can acquire 49% undivided interest in the Kipawa HREE Deposit, Matamec received $8.5M CDN for the first 25% undivided interest on July 18, 2012. To acquire the second 24% undivided interest, TRECan has to pay to Matamec a maximum amount of $7.5M CDN. The $1.595M CDN is the third of a number of successive payments in the completion of the $7.5M CDN, but the fourth overall payment received from TRECan. Matamec will transfer the 24% undivided interest to TRECan when it will receive a cumulative maximum amount of $7.5M CDN.