HALIFAX, May 24, 2017 /CNW/ - Namibia Rare Earths Inc.
("Namibia Rare Earths" or the "Company") (TSX: NRE) announced today
that Gerald J. McConnell, the Chair
of the Board of the Company, has acquired a further 24,000,000
shares (28.7%) of the Company pursuant to a private share purchase
agreement with three other shareholders of the Company. The vendors
included entities controlled by William E.
Oberndorf which held 23,725,000 shares (28.3%) of the
Company prior to the closing of the transaction. This acquisition
increases Mr. McConnell's holdings in the Company from 15.9% to
44.6%.
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".
Web site: www.NamibiaRareEarths.com
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.