Business
Namibia Critical Metals Closes Private Placement of CDN$450,000
HALIFAX, NOVA SCOTIA / ACCESSWIRE / November 28, 2024 / Namibia Critical Metals Inc. ("Namibia C...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Closes Private Placement of CDN$450,000HALIFAX, NOVA SCOTIA / ACCESSWIRE / November 28, 2024 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQB:NMREF) today announced it has closed the non-brokered private placement announced on November 1, 2024. A total of 12,857,143 units were issued at a price of $0.035 per unit. Each unit consists of one common share and one-half warrant. Each whole warrant is exercisable for one common share at a price of $0.05 until November 28, 2025. A maximum of 19,285,714 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 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 March 29, 2025. A total of $1,260 in finder's fee was paid to one arm's length finder in respect of this financing.Two insiders of the Company acquired $266,495 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.NCMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction.The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC).The Company filed a robust updated PEA for \"Lofdal 2B-4\" on November 14, 2022, with a post-tax NPV of USD$391 million and an annual IRR of 28% with a capital ...