Namibia Rare Earths Inc has increased private placement to Cdn$4,000,000, as the company raise capital to fund Kunene Cobalt-Copper. The development comes as a result of investor interest in the company.
Rare Earths is increasing the non-brokered private placement previously announced in March from a maximum of Cdn$3,000,000 to a maximum of Cdn$4,000,000.
“The private placement consists of common shares offered at a price of Cdn$0.185 per common share. A maximum of 21,621,621 common shares of Namibia Rare Earths will be issued pursuant to the Private Placement,” said the company in a statement.
The Private Placement is subject to the approval of the TSX Venture Exchange and the proceeds of the 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.
Namibia Rare Earths Inc. is focused on the accelerated development of the Lofdal Rare Earths Project and on building a critical metals portfolio in Namibia