HALIFAX, April 19, 2018 /CNW/ - Namibia Rare Earths Inc.
("Namibia Rare Earths" or the "Company") (TSXV: NRE) today
announced that, as a result of investor interest, the Company is
increasing the non-brokered private placement previously
announced on March 28, 2018 from a
maximum of Cdn$3,000,000 to a maximum
of Cdn$4,000,000. The private
placement consists of common shares offered at a price of
Cdn$0.185 per common share ("Private
Placement"). A maximum of 21,621,621 common shares of Namibia Rare
Earths will be issued pursuant to the Private Placement. The
Private Placement is subject to the approval of the TSX Venture
Exchange ("TSXV").
The proceeds of the Private Placement will be used primarily to
fund continued exploration on the Kunene Cobalt-Copper Project and
for preliminary evaluations and metallurgical studies of other
projects, as well as to fund working capital and general corporate
purposes. The common shares of the Company issued pursuant to the
Private Placement will be subject to a four-month hold period. The
Private Placement is expected to close on or about May 9, 2018. No finder's fees are payable in
connection with the Private Placement.
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is focused on the accelerated
development of the Lofdal Rare Earths Project and on building a
critical metals portfolio in Namibia. The common shares of Namibia Rare
Earths Inc. trade on the TSXV under the symbol "NRE".
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for 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.