HALIFAX, April 7, 2017 /CNW/ - Namibia Rare Earths
Inc. ("Namibia Rare Earths" or the "Company") (TSX: NRE) is pleased
to announce it intends to issue, by way of non-brokered private
placement, up to 7,142,857 common shares at a price of $0.07 per share for gross proceeds of up to
$500,000 ("Private Placement"). Net
proceeds of the Private Placement will be used for general working
capital purposes.
The Private Placement is expected to close on or before
April 28, 2017, and is subject to
certain conditions, including, but not limited to, the receipt of
all necessary approvals including the approval and acceptance by
the Toronto Stock Exchange. All securities issued pursuant to the
Private Placement will be subject to a four-month hold period from
the date of closing.
Management Changes
The Company also announced that Teri Anderson has stepped down as chief
financial officer of the Company and Darrin
Campbell has assumed this role effective today.
Mr. Campbell is a Chartered Professional
Accountant and Certified Management Accountant with approximately
20 years' experience in various financial roles primarily in the
venture capital and resource sectors. Mr. Campbell has previously
held the positions of Chief Financial Officer and Controller of
publicly traded mineral exploration companies and has extensive
experience with financings and public company continuous disclosure
compliance, including managing annual audits and the preparation
and filing of quarterly and annual financial reports.
Ms. Anderson served as CFO of the Company since its
establishment in 2010 and she has made significant contributions to
the milestones achieved by the Company including taking the Lofdal
rare earth project in Namibia from
discovery through to the filing of an application for a mining
permit. The Board would like to thank Ms. Anderson for her focus,
dedication and commitment to the Company.
Stock Exchange Listing
After considering various factors, including the continued
listing requirements and the on-going costs associated with having
its common shares listed on the TSX, the Company has applied for
voluntary delisting of its common shares from the TSX. The Company
intends to transition the listing of its common shares onto the TSX
Venture Exchange under the existing ticker "NRE". Application for
listing has been made to the TSXV and the Company is providing the
necessary documentation to complete the listing process. The
listing on the TSXV is subject to final approval and acceptance by
the TSXV. The Company expects the delisting of its
shares from the TSX and the transition to the TSXV to happen
simultaneously and the Company will issue a further press release
once the date has been determined.
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.