Gecko Namibia Announces Acquisition of Shares of Namibia Rare Earths Inc.
Halifax, Nova Scotia (FSCwire) - May 3, 2018 - In accordance with National
Instrument 62-103, Gecko Namibia (Pty) Ltd. (“Gecko”), announced today that it acquired, by way of a private
placement, a total of 6,966,330 common shares of Namibia Rare Earths Inc. (“Company”) at a price of CDN$0.185
per common share for total consideration of Cdn$1,288,771 (“Private Placement”). These acquired common shares
represent 3.86% of the issued and outstanding common shares of the Company. Prior to Private Placement, Gecko held 69,500,000
common shares of the Company representing approximately 43.79% of the outstanding common shares of the Company. Following the
Private Placement, Gecko owns 76,466,330 common shares of the Company, representing approximately 42.40% of the Company’s
outstanding 180,325,121 common shares.
Gecko acquired the common shares for investment purposes. Consistent with such purpose, Gecko expects that it
will, from time to time, review its investment position in the Company and may, depending on market and other conditions,
increase or decrease its investment position in the common shares or other securities of the Company.
Whether Gecko 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 its
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 Gecko’s business and prospects, other business
investment opportunities available to Gecko, 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 Gecko’s interest in the Company to realize trading profits or minimize trading losses, and other plans and
requirements of Gecko. Depending upon its assessment of these factors from time to time, Gecko may change its 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 its control.
Gecko 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 its acquisition of common
shares of the Company. A copy of this report may also be obtained from Janice Stairs, (902) 483-2947.
Gecko Namibia (Pty) Ltd.
8 Sinclair Street
Windhoek, Namibia
|
Namibia Rare Earths Inc.
Suite 802, Sun Tower
1550 Bedford Highway
Halifax, Nova Scotia B4A 1E6
|
SOURCE: Gecko Namibia (Pty) Ltd.
For further information: Janice Stairs, (902) 483-2947
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To view the original release, please click here
Source: Namibia Rare Earths Inc. (TSX Venture:NRE)
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