MATAMEC RECEIVES THIRD PAYMENT FROM TOYOTSU RARE EARTH CANADA
Matamec Explorations Inc. has received a third payment of $263,887 from its Japanese partner Toyotsu Rare Earth Canada Inc., a subsidiary of Toyota-Tsusho Corp.
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 263,887 CDN is the second of a number of successive payments in completion of the 7.5M CDN, but the third 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.