Namibia Critical Metals Closes CDN$350,000 Private Placement
Press Release
Namibia Critical Metals Closes CDN$350,000 Private Placement
Halifax, Nova Scotia April 28, 2020 - Namibia Critical Metals Inc. (“Namibia Critical Metals”
or the “Company”) (TSXV:NMI) today announced it has closed the $350,000 non-brokered
private placement announced on March 30, 2020 (“Private Placement”). A total of 2,916,667
units were issued at a price of $0. 12 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. 18
until October 28, 2021. A maximum of 5,833,334 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 working capital and
general c orporate 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
29, 2020.
Insiders of the Company acquired $ 162,000 of the Private Placement. Participation by these
insiders in the Private Placement was exempt from the formal valuation and shareholder
approval requirements contained in Multilateral Instrument 61 -101 Protection of Minority
Security Holders in Special Transactions as the fair market value of their investments did not
exceed 25% of the Company’s market capitalization.
About Namibia Critical Metals Inc.
Namibia Critical Metals holds a diversified portfolio of exploration and advanced stage projects
in the country of Namibia focused on the development of sustainable and ethical sources of
metals for the battery, electric vehicle and associated industries. The Company also has
significant land positions in areas favourable for gold mineralization.
The Lofdal Heavy Rare Earth Project is the Company’s most advanced project having
completed a Preliminary Economic Assessment in 2014 and full Environmental Imp act
Assessment in 2017. An application has been made for a mining licence at Lofdal. The project
is now in joint venture with JOGMEC who are funding the current $3,000,000 drilling and
metallurgical program with the objective of doubling the resource size and optimization of the
process flow sheet.
At the Erongo Gold Project, stratigraphic equivalents to the sediments hosting the recent
Osino gold discovery at Twin Hills have been identified and detailed soil surveys are planned
over this highly prospective area.
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The Epembe Tantalum-Niobium Project is also at an advanced stage with a well-defined,
10 km long carbonatite dyke that has been delineated by detailed mapping with over 11,000
meters of drilling. Preliminary miner alogical 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 Kunene Cobalt-Copper Project comprises a very large area of favorable stratigraphy
(“the DOF”) along strike to the west of the Opuwo Co -Cu-Zn deposit. Secondary copper
mineralization over a wide area points to preliminary evidence of a regional -scale
hydrothermal system. Exploration targets on EPLs held in the Kunene project comprise direct
extensions of the DOF style mineralization to the west, sediment -hosted cobalt and copper,
orogenic copper, and stratabound Mn and Zn-Pb mineralization.
Earlier stage projects include the Grootfontein Project which has potential for magmatic
Cu-Ni mineralization, Mississippi Valley -type Zn-Pb-V mineralization and Otjikoto -style gold
mineralization. The Kunene Light Rare Earth Project is a recently announced discovery
where selected grab sample s have outlined areas of high grade bastnaesite mineralization
carrying significant concentrations of neodymium.
Donald M. Burton, P.Geo. and President of Namibia Critical Metals Inc., is the Company’s
Qualified Person and has reviewed and approved this press release.
The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under
the symbol “NMI”.
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.
Don Burton, 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.
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