Namibia Critical Metals to Issue Shares for Debt
Press Release
Namibia Critical Metals to Issue Shares for Debt
Halifax, Nova Scotia June 1, 2020 - Namibia Critical Metals Inc. (“Namibia Critical Metals”
or the “Company”) (TSXV:NMI) announced it has reached agreement s (“Debt Settlement
Agreements”) with certain senior management and directors to fully settle an aggregate of
$377,103 of unpaid compensation with the issuance of common shares in the Company.
Pursuant to the Debt Settlement Agreement s, the Company w ill issue 1,508,412 common
shares of the Company at a deemed price of $0. 25 per share being a 25% premium to the
closing price of the common shares on the TSX Venture Exchange on May 29, 2020. The Debt
Settlement Agreement s are subject to the approval of the TSX Venture Exchange. All
securities issued will be subject to a four month hold period.
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 Impact
Assessment in 2017. An application has been made for a mining licence at Lofdal. The project
is now in joint venture with JOGME C 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.
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 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 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 ov er 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.
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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 samples have outlined areas of high grade bastnaesite mineralization
carrying significant concentrations of neodymium.
Donald M. Burton, P.Geo. and President of Nam ibia 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.