Namibia Rare Earths Announces Agreement and Private Placement Update

Namibia Rare Earths Inc. (TSXV: NRE) announced that it expects to close the previously announced transaction to acquire a portfolio of critical metal properties from Gecko Namibia (Pty) Ltd. in consideration for the issuance of 64,000,000 common shares of Namibia Rare Earths within the next two weeks. The previously announced $550,000 private placement will be completed at the same time as the property acquisition closing.

Highlights are as follows:

  • Company anticipates closing of transaction with Gecko Namibia (Pty) Ltd (“Gecko Namibia”) within two weeks
  • Agreement with Gecko Namibia to acquire a majority interest in seven projects
  • Diversifies Namibia Rare Earths Inc.’s single commodity focus from heavy rare earths on the Lofdal project into a broader portfolio of critical metals and minerals crucial for electric vehicle industry including cobalt, lithium, graphite, tantalum, niobium, and gold
  • Gecko Namibia and Gerald McConnell, Chair of the Board of Namibia Rare Earths Inc., to complete CDN$550,000 private placement concurrent with closing

 

Click here to read the full Namibia Rare Earths Inc. (TSXV: NRE) press release.

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