TSX-listed rare earth project developer Namibia Rare Earths CEO Gerald McConnell has acquired an additional 9% stake in the company, making him the second largest shareholder.

Pursuant to a private share purchase agreement, McConnell acquired an additional 6.934 million shares. McConnell now holds 9.044 million shares in the company, representing 11.6% of the outstanding shares.

Namibia Rare Earths  is focused on the accelerated development of the Lofdal rare earths project, in Namibia, which represents a high quality, exploration stage, rare earths project with particular potential for the discovery of a heavy rare earths-enriched deposit.

In July, the company began work on the environmental impact-assessment (EIA), which was focused on baseline environmental monitoring after releasing the preliminary economic assessment on November 14, 2014.

The company aims to complete the EIA by the third quarter of 2016.

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