William E. Oberndorf, Prof John G (Jack) McDonald and William L. Price
acquire a 38% interest in Namibia Rare Earths
HALIFAX, April 30, 2013 /CNW/ - Namibia Rare Earths Inc. ("Namibia Rare
Earths" or the "Company") (TSX: NRE) (OTCQX: NMREF) is pleased to
announce that William E. Oberndorf, Prof John G (Jack) McDonald and
William L. Price have acquired an aggregate of 38% of the shares of
Namibia Rare Earths pursuant to an agreement of purchase and sale with
William E. Oberndorf is the Chairman of Oberndorf Enterprises LLC
("OEL"), which is a holding corporation for the Oberndorf family. Prior
to the founding of OEL,, Mr. Oberndorf was a managing director and
founding partner of SPO Partners and Company where he worked for 33
years before stepping down to form OEL in 2012. Mr. Oberndorf has had a
long standing interest in investing in value based businesses with a
natural resource orientation. He currently is a 5 percent shareholder
of Dominion Resources (formerly Harry Winston) and was a 10 percent
shareholder of Spartan Oil, which was acquired by Bonterra Resources
earlier this year. OEL continues to hold its investment in Bonterra.
Mr. Oberndorf has served as a corporate director of numerous publicly
traded companies. Mr. Oberndorf is a graduate of Williams College and
the Stanford Graduate School of Business. He resides in San Francisco,
California where he serves as Chairman of the University of San
Francisco Foundation Board and where he is involved in a number of
other civic activities.
Prof John G (Jack) McDonald is the Stanford Investors Professor in the
Graduate School of Business at Stanford University, and a private
investor. He has taught Investment Management, with a long-term
fundamental value perspective, and Corporate Financial Management for
45 years in Stanford's MBA and Executive Programs. He has also taught
at Harvard Business School and at Columbia in New York. Prof McDonald
has served as a corporate director of many publicly listed companies,
currently including Plum Creek Timber Co., the largest owner of timber
lands within the United States. His grandfather emigrated from Scotland
to Nova Scotia in the late 1800s.
William L. Price is the former Chairman and Global Chief Investment
Officer of Dresdner RCM Global Investors and CIO for equities at
Allianz Dresdner RCM. Following his retirement in 2003, Mr. Price has
been a private investor and CEO of the William L. Price Charitable
Foundation. He has served as a corporate director of several publicly
traded companies. A graduate of Dartmouth College and a Graduate Fellow
(Political Science) at Brooklyn College, Mr. Price worked for the US
Department of State before going to Wall Street as a securities
analyst. He joined Rosenberg Capital Management in 1976 and became
Chairman and CEO in 1996. For fifteen of those years he was a guest
lecturer at the Graduate School of Business at Stanford University.
Mr. Price resides in Atherton, California.
Gerald McConnell, CEO of Namibia Rare Earths stated,
"We are delighted to welcome these new shareholders whose vision for the
development of the Company's rare earth assets is aligned with the
corporate strategy of our Board and Management. Their business
credentials speak for themselves. We are very fortunate to have
individuals of their calibre make a significant investment in Namibia
Rare Earths. We look forward to working closely with these shareholders
as we push forward with the development of our Lofdal heavy rare earth
project which has the potential to become the first sustainable supply
of heavy rare earths outside of China."
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is developing a portfolio of mineral
exploration projects in Namibia and is currently focused on the
accelerated development of the Lofdal Rare Earths Project. The Company
completed a CDN$28.75 million initial public offering and Toronto Stock
Exchange listing in April, 2011 and is well funded to carry out its
development program. The common shares of Namibia Rare Earths Inc.
trade on the Toronto Stock Exchange under the symbol "NRE" and in the
United States on the OTCQX International under the symbol "NMREF".
No regulatory authority had approved or disapproved the adequacy or
accuracy of this release. The foregoing information may contain
forward-looking information relating to the future performance of
Namibia Rare Earths Inc. Forward-looking information, specifically,
that concerning future performance, is subject to certain risks and
uncertainties, and actual results may differ materially. These risks
and uncertainties are detailed from time to time in the Company's
filings with the appropriate securities commissions.
SOURCE: NAMIBIA RARE EARTHS INC.
For further information:
Namibia Rare Earths Inc.
Don Burton, President
Tel: +01 (902) 835-8760
Fax: +01 (902) 835-8761
Web site: www.NamibiaRareEarths.com
Cowen Securities LLC
(Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
Tel: +1 (212)-372-5766