HALIFAX, April 21 /CNW/ - Namibia Rare Earths Inc. (the "Company" or "Namibia Rare Earths") is pleased to announce that it has retained the Florida-based firm of Michael Baybak and Company, Inc. ("MBC") to conduct institutionally-oriented investor relations programs on behalf of the Company. Headed by Mr. Michael Baybak, MBC is a long-term institutional and media investor relations specialist in the natural resource sector, with a focus on introducing Canadian resource companies of merit to broader institutional and retail investor audiences.
The Company will pay MBC a monthly fee of US$8,000 for the one-year term of the agreement, which is cancelable upon 30 days' notice in writing at any time after the first six months of service. The agreement may be renewed following the completion of the initial term.
The Company has also agreed to grant 300,000 incentive stock options to principals of MBC, 25% vesting every three months beginning on the effective date of the agreement. The options will be exercisable for 5 years, subject to the terms of the Company's incentive stock option plan, at an exercise price to be set based on a 5 day VWAP following the Company's initial public offering.
About Namibia Rare Earths Inc.
Namibia Rare Earths is a mineral exploration and development company that is focused on the development of rare earth mineral deposits in Namibia. The Company's principal project is the Lofdal rare earth project in north-western Namibia which has the potential to host one or more, world class, heavy rare earth-enriched mineral deposits. The common shares of Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under the symbol "NRE".
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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, Email: Info@NamibiaREE.com, Web site: www.NamibiaRareEarths.com