Namibia Rare Earths (“Namibia Rare Earths” or the “Company”) (TSXV: NRE) today provided an update on its progress towards completing the acquisition of a portfolio of critical metal properties (the “Properties”) from Gecko Namibia (“Gecko Namibia”) in consideration for the issuance of 64,000,000 common shares of Namibia Rare Earths (“Property Acquisition”) and on its progress towards completing a $550,000 private placement (“Private Placement”).
This transaction provides Namibia Rare Earths with a high quality, diversified portfolio of critical metals and at the same time has secured a highly experienced strategic partner. Gecko Namibia and its subsidiaries are substantial participants in the Namibian resource sector with 327 employees and a proven track record in the mining industry.
The Gecko Namibia portfolio of properties will expand the Company’s commodity base from solely rare earths to a variety of highly critical commodities including cobalt, copper, zinc, lithium, graphite, tantalum, niobium, nickel, and gold. Ground holdings in Namibia will increase from 221 km2 (Lofdal) to over 6,850 km2.