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
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.
For further information: Janice Stairs, (902) 483-2947; SOURCE: Gerald J. McConnell