TORONTO, April 29, 2013 /CNW/ - Oberndorf Enterprises, LLC, announced today that it had, together with its affiliates (collectively, "Oberndorf Enterprises"), acquired by way of a private agreement an aggregate of 23,725,000 common shares of Namibia Rare Earths Inc. (the "Company") at a price of approximately $0.177 per share, representing approximately 30.5% of the issued and outstanding common shares of the Company (based on a total of 77,828,500 common shares issued and outstanding). Mr. Dan-Mihai Reuter, who is presumed under applicable securities legislation to be acting jointly or in concert with Oberndorf Enterprises, acquired by way of private agreement 275,000 common shares of the Company at a price of approximately $0.177 per share, representing approximately 0.4% of the issued and outstanding common shares of the Company.
Oberndorf Enterprises acquired the common shares for investment purposes. Consistent with such purpose, Oberndorf Enterprises has had, and may have in the future, discussions with management of the Company and may make suggestions concerning the Company's operations, prospects, business and financial strategies, assets and liabilities, business and financing alternatives and such other matters as it may deem relevant to its investments in the common shares and other securities of the Company. Oberndorf Enterprises expects that it will, from time to time, review its investment position in the Company and may, depending on market and other conditions, increase or decrease its investment position in the common shares or other securities of the Company.
Whether Oberndorf Enterprises acquires any additional common shares or other securities of the Company or disposes of any common shares or other securities of the Company, and the amount and timing of any such transactions, will depend upon its 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 Oberndorf Enterprises's business and prospects, other business investment opportunities available to Oberndorf Enterprises, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the board of directors and management of the Company, the availability and nature of opportunities to dispose of Oberndorf Enterprises's interest in the Company, to realize trading profits or minimize trading losses, and other plans and requirements of Oberndorf Enterprises. Depending upon its individual assessment of these factors from time to time, Oberndorf Enterprises may change its 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 the control of Oberndorf Enterprises. In addition, Oberndorf Enterprises may from time to time enter into equity swap or other derivative transactions with respect to its investment in the common shares or other securities of the Company. Oberndorf Enterprises is relying on the exemption in section 100.1 of the Securities Act (Ontario) with respect to the acquisition of common shares described in this press release.
Oberndorf Enterprises will be filing a report (as contemplated by National Instrument 62-103 - The Early Warning System and Related Takeover Bid and Insider Reporting Issues) in connection with the acquisition of the common shares of the Company.
SOURCE: Oberndorf Enterprises, LLC
For further information:
Or to obtain a copy of the report, please contact: Krista A. Rosen, Chief Financial Officer, Oberndorf Enterprises LLC, telephone 415-500-6900.