HALIFAX, May 3, 2017 /CNW/ - Namibia Rare Earths Inc.
("Namibia Rare Earths" or the "Company") (TSX:NRE) is pleased to
announce it has closed its non-brokered private placement announced
on April 7, 2017. The private
placement financing resulted in the issuance of 5,875,000 common
shares at a price of $0.07 per share
for gross proceeds of $411,250
("Private Placement"). Net proceeds of the Private Placement will
be used for general working capital purposes. All securities issued
pursuant to the Private Placement are subject to a four-month hold
period from the closing date.
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is focused on the accelerated
development of the Lofdal Rare Earths Project. The common shares of
Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under
the symbol "NRE".
No regulatory authority had approved or disapproved the adequacy
or accuracy of this release. The foregoing information may contain
forward-looking information relating to the future performance of
Namibia Rare Earths Inc. Forward-looking information, specifically,
that concerning future performance, is subject to certain risks and
uncertainties, and actual results may differ materially. These
risks and uncertainties are detailed from time to time in the
Company's filings with the appropriate securities commissions.
SOURCE Namibia Rare Earths Inc.