Namibia Rare Earths will use proceeds of the private placement for general working capital purposes.
The private placement is expected to close on or before 28 April 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX.
All securities issued pursuant to the private placement will be subject to a four-month hold period from the date of closing.
Teri Anderson has stepped down as CFO of Namibia Rare Earths and Darrin Campbell has assumed this role.
Campbell is a chartered professional accountant and certified management accountant with approximately 20 years’ experience in various financial roles primarily in the venture capital and resource sectors.
Campbell has previously held the positions of CFO and controller of publicly traded mineral exploration companies and has extensive experience with financing and public company continuous disclosure compliance, including managing annual audits and the preparation and filing of quarterly and annual financial reports.
Anderson served as CFO of Namibia Rare Earths since its establishment in 2010 and she has made significant contributions to the milestones achieved by the company including taking the Lofdal rare earth project in Namibia from discovery through to the filing of an application for a mining permit.
Stock exchange listing
After considering various factors, including the continued listing requirements and the on-going costs associated with having its common shares listed on the TSX, Namibia Rare Earths has applied for voluntary de-listing of its common shares from the TSX.
The company intends to transition the listing of its common shares onto the TSX Venture Exchange under the existing ticker “NRE”. Application for listing has been made to the TSXV and the company is providing the necessary documentation to complete the listing process.
The listing on the TSXV is subject to final approval and acceptance by the TSXV. The company expects the de-listing of its shares from the TSX and the transition to the TSXV to happen simultaneously.