HALIFAX, May 24, 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 24,000,000 common shares ("Common Shares") of Namibia Rare Earths Inc. ("Company") at a price of approximately CDN$0.004 per Common Share for total consideration of Cdn$100,000. Prior to this acquisition, Mr. McConnell owned 13,294,000 Common Shares representing approximately 15.9% of the issued and outstanding Common Shares of the Company. Following the acquisition, Mr. McConnell has ownership of 37,294,000 Common Shares, representing approximately 44.6% 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, 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 is relying on the exemption in Section 4.2 of Multilateral Instrument 62-104 – "Take-over Bids and Issuer Bids" 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.
Gerald J. McConnell
1358 Davidson Street
Wolfville Nova Scotia B4P 2R1
Namibia Rare Earths Inc.
Suite 306, Royal Bank Building
1597 Bedford Highway
Halifax, Nova Scotia B4A 1E7
SOURCE Gerald J. McConnell
For further information: Janice Stairs, (902) 483-2947