04:01 PM EST - Rare Element Resources Ltd. : announced that it has signed the definitive agreement with VMS Ventures Inc. to acquire the Eden Lake REE project in Manitoba, Canada. The company acquired a 100% interest in the Eden Lake REE Project for the issuance of 300,000 common shares to VMS Ventures, with 75,000 at closing, and 75,000 at six, 12, and 18 months thereafter. The Eden Lake project is subject to a 3% Net Smelter Returns royalty to Strider Resources Limited and Rare Element has the right to buy 50% of the NSR for $1.5 million. Rare Element Resources Ltd.
shares V.RES are trading up $0.03 at $4.02.
