TSXV-listed Namibia Rare Earths has closed a CA$4,000,000 private placement where a total of 21,621,621 common shares of the company were issued at a price of $0.185 per share.
The common shares of Namibia Rare Earths issued pursuant to the private placement are subject to a four-month hold period expiring September 4, 2018.
No warrants were issued and no brokerage or finder’s fees were paid in connection with the private placement.
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.
Insiders of Namibia Rare Earths acquired $2,212,317 of the private placement.
Participation by these insiders in the private placement was exempt from the formal valuation and shareholder approval requirements contained in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions as the fair market value of their investments did not exceed 25% of Namibia Rare Earths' market capitalization.