HALIFAX, May 31, 2013 /CNW/ - Namibia Rare Earths Inc. ("Namibia Rare Earths" or the "Company") (TSX: NRE) (OTCQX: NMREF) is pleased to announce that the shareholders voted in favour of all items of business before the Annual and Special Meeting of the Shareholders held in Halifax, Nova Scotia today. Shareholders holding 72.71% of the outstanding shares of the Company were present in person or by proxy at the meeting.
Election of Directors
The nominees for directors listed in the management proxy circular for the meeting were elected. Details of the vote are set out below.
|Nominee||Votes For||% For||Votes Withheld||% Withheld|
|Adrian T. Hickey||53,777,894||100.00%||0.00||0.00%|
|Douglas J. Jackson||53,777,894||100.00%||0.00||0.00%|
|Gregory S. Johnson||53,777,894||100.00%||0.00||0.00%|
|Kalidas V. Madhavpeddi||53,777,894||100.00%||0.00||0.00%|
|Gerald J. McConnell||53,777,894||100.00%||0.00||0.00%|
|Glenn R. Williams||53,772,894||99.99%||5,000.00||0.01%|
Advance Notice By-Law
The shareholders also adopted an amendment to the Company's by-laws to include advance notice provisions. The purpose of these provisions is to require that advance notice be provided to the Company in circumstances in which nominations of persons for election to the board of directors of the Company are made by shareholders other than pursuant to the requisition of a meeting or a shareholder proposal in accordance with the Canada Business Corporations Act.
Among other things, the by-law amendment fixes a deadline by which shareholders must provide notice to the Company of nominations for election to the board and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 or more than 65 days prior to the date of the annual meeting. However, in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. The by-law amendment is effective immediately. A copy of the amendment, containing the full details of the advance notice provisions has been filed under the Company's profile on SEDAR at www.sedar.com.
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