By Business Reporter
NAMIBIA Rare Earths Inc. (NRE) intends to issue, by way of non-brokered private placement, up to 7 142 857 common shares, at a price of US$0.07 per share, for gross proceeds of up to US$500 000.
The net proceeds of the private placement will be used for general working capital purposes.
“The private placement is expected to close at the end of this month, 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 (TSX).
“All securities issued, pursuant to the private placement, will be subject to a four-month hold period from the date of closing,” company president, Don Burton, said.
He further noted that after considering various factors, including the continued listing requirements and the ongoing costs associated with having its common shares listed, 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 (TSXV), under the existing ticker ‘NRE’. The 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,” Burton added.
Namibia Rare Earths is a Canadian public company, currently listed on the TSX, which is focused on the accelerated development of its 100 percent-owned Lofdal Rare Earth Project in Namibia.
Lofdal is an early stage, district-scale exploration project. The permit area covers 420km², and within this area, geologists have discovered widespread rare earth mineralisation, in a carbonatite complex, which covers over 200km².
The property has demonstrated a potential for the discovery of multiple rare earth deposits, with a unique opportunity for the discovery that is exceptionally enriched with heavy rare earths.
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