Peak Rare Earths (ASX:PEK) continues to recommend shareholders accept the scheme implementation deed to be acquired by shareholder Ganzhou Chenguang Rare Earths New Material, a unit of China-based rare earth company Shenghe Resources, for AU$150.5 million, via a scheme of arranagement, according to a Monday filing with the Australian bourse.

The board's recommendation follows the receipt of a full consent from Tanzania's Mining Commission, the filing said.

The scheme remains subject to other condition, including, shareholder, Court and regulatory approval from China, and an independent expert's conclusion that it is in the best interests of shareholders, the filing said.

Shares of the company rose nearly 2% in recent Monday trade.