HALIFAX, Feb. 21, 2018 /CNW/ - In accordance with
National Instrument 62-103, Gecko Namibia (Pty) Ltd.
("Gecko"), announced today that it acquired, by way of a
private placement, a total of 5,500,000 common shares of Namibia
Rare Earths Inc. ("Company") at a price of CDN$0.05 per common share for total consideration
of Cdn$275,000. Gecko also announced
today that it acquired a total of 64,000,000 common shares of the
Company pursuant to an acquisition and exchange agreement with the
Company whereby the Company acquired Gecko's 95% interest in a
portfolio of exploration properties in Namibia consisting of 14 exploration
prospecting licences, one mineral deposit retention licence and
Gecko's rights under an option agreement to acquire a 60% interest
in a further exploration prospecting licence. Prior to these
transactions, Gecko held no common shares of the Company. Following
these transactions, Gecko has ownership of 69,500,000 common shares
of the Company, representing approximately 43.79% of the Company's
outstanding 158,703,500 common shares.
Gecko acquired the common shares for investment purposes.
Consistent with such purpose, Gecko expects that it will, from time
to time, review its investment position in the Company and may,
depending on market and other conditions, increase or decrease its
investment position in the common shares or other securities of the
Company.
Whether Gecko acquires any additional common shares or other
securities of the Company or disposes of any common shares or other
securities of the Company, as well as the number and timing of any
such transactions, will depend upon its continuing assessments of
pertinent factors, including, but not limited to, the availability
of common shares or other securities of the Company for purchase at
particular price levels, the Company's and Gecko's business and
prospects, other business investment opportunities available to
Gecko, economic conditions, stock market conditions, money market
conditions, the attitudes and actions of the board of directors and
other management of the Company, the availability and nature of
opportunities to dispose of Gecko's interest in the Company to
realize trading profits or minimize trading losses, and other plans
and requirements of Gecko. Depending upon its assessment of
these factors from time to time, Gecko may change its present
intentions as stated above, including determining to acquire
additional common shares or other securities of the Company (by
means of open-market or privately negotiated purchases) or to
dispose of some or all of the common shares or other securities of
the Company held by or under its control.
Gecko will be filing a report (as contemplated by National
Instrument 62-103 – "The Early Warning System and Related
Takeover Bid and Insider Reporting Issues") on the Company's
profile, in connection with its acquisition of common shares of the
Company. A copy of this report may also be obtained from
Janice Stairs, (902) 483-2947.
Gecko Namibia (Pty)
Ltd.
|
Namibia Rare Earths
Inc.
|
8 Sinclair
Street
|
Suite 802, Sun
Tower
|
Windhoek,
Namibia
|
1550 Bedford
Highway
|
|
Halifax, Nova
Scotia B4A 1E6
|
SOURCE Namibia Rare Earths Inc.