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Namibia Critical Metals Announces CDN$350,000 Private Placement
HALIFAX, NS / ACCESSWIRE / March 30, 2020 / Namibia Critical Metals Inc. ("Namibia Critical ...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Announces CDN$350,000 Private PlacementHALIFAX, NS / ACCESSWIRE / March 30, 2020 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\") (TSXV:NMI) today announced it intends to complete a non-brokered private placement in the amount of up to $350,000 consisting of units offered at a price of $0.12 per unit (\"Private Placement\") representing a 20% discount to the closing price of the common shares of the Company on March 27, 2020. Each unit will consist of one common share and one warrant. Each whole warrant will be exercisable for one common share at a price of $0.18 for a period of 18 months. A maximum of 5,833,333 common shares of Namibia Critical Metals will be issued pursuant to the Private Placement (assuming full exercise of all warrants). The Private Placement is subject to the approval of the TSX Venture Exchange (\"TSXV\").The proceeds of the Private Placement will be used primarily to fund working capital and general corporate purposes. The common shares and warrants of the Company issued pursuant to the Private Placement 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 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 but not yet sampled. 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 ...