Quantum Rare Earth Developments Corp. (TSXV:QRE) announced the finalized joint venture agreement with Florella Holdings Pty Limited for the Company’s Australian Jungle Well and Laverton properties.
As quoted in the press release:
Under the terms of an option agreement dated September 19, 2011 (the “Florella Option Agreement“) (see NR dated November 2, 2011 for full details), the Company granted Florella Holdings Pty Limited (“Florella“) the right to earn an 80% interest in the Australian Properties, upon completion of payment of cash and issuance of shares to Quantum. Florella has now assigned a portion of its interest to an unrelated third party Victory Mines Limited (“Victory“), an Australian company currently completing its Initial Public Offering (“IPO“) of shares on the Australian Stock Exchange (“ASE“). Victory is headquartered in Perth, Australia. The Company and its Australian subsidiary Northeast Minerals Pty Ltd. (“Northeast“) have entered into a comprehensive Joint Venture Agreement (the “JV Agreement“) and a Tenement Sale Agreement (the “Transfer Agreement“) with Victory, its subsidiary Victory Exploration Pty. Ltd. (“Victory Exploration“) and Florella regarding the Joint Venture (“JV“) of the Australian Properties.