HALIFAX, Feb. 28, 2018 /CNW/ - In accordance with
National Instrument 62-103, Gerald J.
McConnell, Chair of Namibia Rare Earths Inc., announced
today that he had disposed of 16,052,665 common shares of Namibia
Rare Earths Inc. ("Company"), by way of private purchase
agreements, at a price of approximately CDN$0.004 per common share for total
consideration of Cdn$65,844 and
5,450,000 common shares by way of gifts. Prior to these
dispositions, Mr. McConnell owned 42,794,000 common shares
representing approximately 26.96% of the issued and outstanding
common shares of the Company. Following these dispositions, Mr.
McConnell owns 21,541,335 common shares of the Company,
representing approximately 13.57% of the Company's outstanding
158,703,500 common shares.
Mr. McConnell disposed of the common shares for personal reasons
not related to the future business prospects of the
Company. 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, as well as 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.
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 disposition of the common
shares of the Company. A copy of this report may also be obtained
from Janice Stairs, (902)
483-2947.
Gerald J.
McConnell
1358 Davidson
Street
RR#1
Wolfville Nova
Scotia B4P 2R1
|
Namibia Rare Earths
Inc.
Suite 802, Sun
Tower
1550 Bedford
Highway
Halifax, Nova
Scotia B4A 1E6
|
SOURCE Namibia Rare Earths Inc.