Closes Private Placement of $750,000
Press Release
Namibia Critical Metals Inc.
Closes Private Placement of $750,000
Halifax, Nova Scotia March 31, 2022 – Namibia Critical Metals Inc. (“Namibia Critical
Metals” or the “Company” or “NMI”) (TSXV:NMI OTCQ:NMREF) today announced it has closed
the non-brokered private placement announced on February 23, 2022 the amount of which
was increased from $500,000 to $ 750,000 as a result of investor interest (“Private
Placement”). A total of 3,750,000 units were issued at a price of $0.2 0 per unit. Each unit
consists of one common share and one warrant. Each whole warrant is exercisable for one
common share at a price of $0.35 until March 31, 2024. A maximum of 7,500,000 common
shares of Namibia Critical Metals will be issued pursuant to the Private Placement (assuming
full exercise of all warrants).
The proceeds of the Private Placement will be used primarily to fund gold exploration and
general corporate purposes . The common shares and warrants of the Company issued
pursuant to the Private Placement are subject to a four-month hold period expiring August 1,
2022. Finder’s fees of 6% were paid to Wellington Altus Wealth Management . ($ 3,000),
Canaccord ($900), Haywood Securities ($6,000), GloRes Securities ($4,800) and BMO Nesbitt
Burns Corp. ($1,500) in respect of $270,000 of units subscribed for.
About Namibia Critical Metals Inc.
Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage
projects in Namibia focused on the development of sustainable and ethical sources of metals
for the battery, electric vehicle and associated industries. The most advanced stage project
in the portfolio is Lofdal. The Company also holds significant land positions in areas favourable
for gold mineralization.
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Figure 5: Location of Namibia Critical Metals’ projects
Heavy Rare Earths: The Lofdal Dysprosium -Terbium Project is the Company’s most
advanced project being fully permitted with a Mining Licence (ML 200) issued in 2021. The
project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation
(“JOGMEC”).
About Japan Oil, Gas and Metals National Corporation (JOGMEC) and the JV
JOGMEC is a Japanese government independent administrative agency which among other
things seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as
a long term, strategic partner in minera l projects globally. The mandated areas of
responsibilities within JOGMEC relate to oil and natural gas, metals, coal and geothermal
energy. JOGMEC facilitates opportunities with Japanese private companies to secure supplies
of natural resources for the benefit of the country’s economic development.
Rare earths are of critical importance to Japanese industrial interests and JOGMEC has
extensive experience with all aspects of the sector. JOGMEC provided Lynas with
US$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths
metals suite to the Japanese industry.
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Namibia Critical Metals currently owns a 95% interest in the Lofdal project with the remaining
5% held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC
joint venture agreement with the Company stipulate that JOGMEC provides $3,000,000 in
Term 1 and $7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls
for a further $10,000,000 of expenditures to earn an additi onal 10% interest. JOGMEC can
also purchase another 1% for $5,000,000 and has first right of refusal to fully fund the project
through to commercial production and to purchase all production at market prices. The
collective interests of NMI and historicall y disadvantaged Namibians cannot be diluted below
a 26% carried working interest upon payment of $5,000,000 to JOGMEC for the dilution
protection. The JV Agreement is structured such that no NMI equity will be issued and it is
totally non-dilutive to NMI shareholders. To date, JOGMEC, has approved funding Term 1 and
2 expenditures totaling $6,600,000.
Gold: The Company’s Exclusive Prospecting Licenses (“EPLs”) prospective for gold are located
in the Central Namibian Gold Belt which hosts a number of significant orogenic gold deposits
including the Navachab Gold Mine, the Otjikoto Gold Mine and more recently the discovery of
the Twin Hills deposit. At the Erongo Gold Project, stratigraphic equivalents to the meta -
sediments hosting the recent Osino gold disco very at Twin Hills have been identified and
exploration is progressing over this highly prospective area. The Grootfontein Base Metal
and Gold Project has potential for magmatic copper-nickel mineralization, Mississippi Valley-
type zinc-lead-vanadium mineralization and Otjikoto-style gold mineralization. Interpretation
of geophysical data and regional geochemical soil sampling have identified first gold targets.
Tantalum-Niobium: The Epembe Tantalum-Niobium-Uranium Project is at an advanced
stage with a well-defined, 10 km long carbonatite dyke that has been delineated by detailed
mapping and radiometric surveys and over 11,000 meters of drilling. Preliminary
mineralogical and metallurgical studies including sorting tests (XRT), indicate the potential for
significant physical upgrading. Further work will be undertaken to advance the project to a
preliminary economic assessment stage.
The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under
the symbol “NMI” and the OTCQ under “NMREF”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
For more information please contact -
Namibia Critical Metals Inc.
Darrin Campbell, President
Tel: +01 (902) 835-8760
Fax: +01 (902) 835-8761
Email: [email protected]
Web site: www.NamibiaCriticalMetals.com
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.