HALIFAX, May 3, 2017 /CNW/ - In accordance with
National Instrument 62-103, Gerald J. McConnell, Chair of
Namibia Rare Earths Inc., announced today that he acquired, by way
of a private agreement, a total of 4,250,000 common shares
("Common Shares") of Namibia Rare Earths Inc.
("Company") at a price of approximately CDN$0.07 per Common Share. Following the
acquisition, Mr. McConnell has ownership and/or control over an
aggregate of 13,294,000 Common Shares, representing approximately
15.9 % of the Company's outstanding 83,703,500 Common Shares.
Mr. McConnell acquired the Common Shares for investment
purposes. Consistent with such purpose, Mr. McConnell expects
that he will, from time to time, review his investment position in
the Company and may, depending on market and other conditions,
increase or decrease his investment position in the Common Shares
or other securities of the Company.
Whether Mr. McConnell acquires any additional Common Shares or
other securities of the Company or disposes of any Common Shares or
other securities of the Company, in addition to the number and
timing of any such transactions, will depend upon his continuing
assessments of pertinent factors, including, but not limited to,
the availability of Common Shares or other securities of the
Company for purchase at particular price levels, the Company's and
Mr. McConnell's business and prospects, other business investment
opportunities available to Mr. McConnell, economic conditions,
stock market conditions, money market conditions, the attitudes and
actions of the board of directors and other management of the
Company, the availability and nature of opportunities to dispose of
Mr. McConnell's interest in the Company, to realize trading profits
or minimize trading losses, and other plans and requirements of Mr.
McConnell. Depending upon his assessment of these factors
from time to time, Mr. McConnell may change his present intentions
as stated above, including determining to acquire additional Common
Shares or other securities of the Company (by means of open-market
or privately negotiated purchases) or to dispose of some or all of
the Common Shares or other securities of the Company held by or
under his control. In addition, Mr. McConnell may, from time
to time, enter into equity swap or other derivative transactions
with respect to his investment in the Common Shares or other
securities of the Company. Mr. McConnell is relying on the
exemption in Section 100.1 of the Securities Act (Ontario) with respect to the acquisition of
Common Shares described in this news release.
Mr. McConnell will be filing a report (as contemplated by
National Instrument 62-103 – "The Early Warning System and
Related Takeover Bid and Insider Reporting Issues") on the
Company's profile, in connection with his acquisition of the Common
Shares of the Company. A copy of this report may also be obtained
from Janice Stairs, (902)
483-2947.
SOURCE Namibia Rare Earths Inc.