HALIFAX, Feb. 21, 2018 /CNW/ - In accordance with
National Instrument 62-103, Gerald J.
McConnell, Chair of Namibia Rare Earths Inc., announced
today that he acquired, by way of a private placement, a total of
5,500,000 common shares ("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. These acquired Common
Shares represent 3.46% of the issued and outstanding common shares
of the Company. Prior to this acquisition, Mr. McConnell owned
37,294,000 common shares representing approximately 24.34% of the
issued and outstanding common shares of the Company. Following the
acquisition, Mr. McConnell has ownership of 42,794,000 common
shares, representing approximately 26.96% of the Company's
outstanding 158,703,500 common shares.
Mr. McConnell acquired the Common Shares for investment
purposes. Consistent with such purpose, Mr. McConnell expects that
he will, from time to time, review his investment position in the
Company and may, depending on market and other conditions, increase
or decrease his investment position in the common shares or other
securities of the Company. Whether Mr. McConnell 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 his 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 Mr. McConnell's business and prospects,
other business investment opportunities available to Mr. McConnell,
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 Mr. McConnell's interest in the Company
to realize trading profits or minimize trading losses, and other
plans and requirements of Mr. McConnell. Depending upon his
assessment of these factors from time to time, Mr. McConnell may
change his 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 his control.
Mr. McConnell 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 his acquisition of the Common
Shares of the Company. A copy of this report may also be obtained
from Janice Stairs, (902)
483-2947.
Gerald J.
McConnell
|
Namibia Rare Earths
Inc.
|
1358 Davidson
Street
|
Suite 802, Sun
Tower
|
RR#1
|
1550 Bedford
Highway
|
Wolfville Nova
Scotia B4P 2R1
|
Halifax, Nova
Scotia B4A 1E6
|
SOURCE Namibia Rare Earths Inc.