Thursday , May 23 2024

Namibia Critical Metals Secures $5 Million

Namibia Critical Metals has entered into an investment agreement with Alumina Partners, an affiliate of New York-based private equity firm Alumina Partners

The draw-down equity financing facility is structured to provide Namibia Critical Metals with timely access to private placement financing.

Under the terms of the investment agreement, the company has the right to draw down on the CD$5,000,000 facility, at its sole discretion, through equity private placement tranches of up to CD$250,000 each.

Each tranche will be a placement of units with each unit comprising one common share and one-half of one common share purchase warrant.

“The Alumina facility will provide the Company with the flexibility to accelerate high priority exploration programs outside of the Lofdal Heavy Rare Earth joint venture which is already fully funded by our joint venture partner, Japan Oil, Gas and Metals National Corporation (JOGMEC).

“Exploration of our 2,000 square kilometer land package in the emerging Navachab-Otjikoto gold belt of central Namibia can now be accelerated with the objective of identifying gold targets using systematic soil geochemical surveys, in a manner similar to what has been utilized by Osino Resources,” said Don Burton, President of Namibia Critical Metals.

Burton said the approach has led to the discovery of Twin Hills and other important gold anomalies.

“Management is no stranger to large scale gold exploration, having previously conducted similar programs with Etruscan Resources throughout West Africa from 1996-2010 which led to the development of the Samira Hill, Tabakaroni, Youga and Agbaou gold mines,” Burton said.

Sharing his sentiments Adi Nahmani, Managing Member of Alumina Partners said Alumina is thrilled to support Namibia Critical Metals as they prepare to dramatically ramp up exploration.

“The two areas of resource focus that present the greatest value proposition right now are rare earth elements and counter-inflationary precious metals… And investing in Namibia now will allow us to get exposure to both. We look forward very much to seeing this veteran management team execute against the plan and hit key milestones even sooner than previously expected,” Nahman said.

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