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Bannerman Energy Announces Agreement To Acquire Strategic Stake in Namibia Critical Metals Inc.
HALIFAX, NS / ACCESSWIRE / May 19, 2022 / Namibia Critical Metals Inc. ("Namibia Critical Me...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Bannerman Energy Announces Agreement To Acquire Strategic Stake in Namibia Critical Metals Inc.HALIFAX, NS / ACCESSWIRE / May 19, 2022 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NMI\") (TSXV:NMI)(OTC PINK:NMREF) announced that Bannerman Energy Limited (\"Bannerman\"), an Australian listed uranium development company, has issued a news release on May 18, 2022 announcing it has entered into an agreement to acquire 82,290,680 common shares (41.8%) of NMI pursuant to a private share purchase agreement with two shareholders of the Company, including Philco 192 (Pty) Ltd. which holds 75,201,603 shares (38.2%) of NMI (\"NMI Share Acquisition\"). Bannerman has announced that the NMI Share Acquisition is expected to complete within 30 days.The NMI Share Acquisition by Bannerman offers significant strategic alignment and development synergies with Bannerman's flagship Etango Uranium Project in Namibia.The Company also announced today that Steve Kapp will not be standing for re-election at the Company's Annual and Special Meeting to be held on May 19, 2022. The Company intends to identify a replacement for Mr. Kapp in due course.Bannerman's Managing Director and CEO, Brandon Munro, commented:\"The Lofdal Project is on a path to produce dysprosium and terbium, two of the most strategically important metals on the planet. Our exposure to this future production, through a strategic shareholding in Namibia Critical Metals, is therefore a strong fit with Bannerman's Etango Project, a near-term supplier of uranium at a globally significant scale. I have followed the Lofdal Project and worked with its management since living in Namibia in 2010, and am personally delighted to formalise these strong in-country working relationships. I am also pleased that long standing relationships with NMI's major shareholders have enabled a direct, efficient transaction at this point in time.\"As Lofdal moves closer to production, our partnership offers strong potential to leverage Bannerman's extensive in-country expertise and credentials, in particular in the ESG (Environment, Social and Governance) sphere. After meeting at Lofdal with NMI President Darrin Campbell, and key JOGMEC representatives, I am confident that there is a strong alignment of intent and values between Bannerman and NMI, which has strong community a...