NAMIBIA RARE EARTHS CLOSES C$25,000,000 INITIAL PUBLIC OFFERING AND LISTS ON THE TORONTO STOCK EXCHANGE

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[{"type":"text","content":"\n\n\n Apr. 14, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRES OR DISSEMINATION IN THE UNITED STATES/\n\nHALIFAX, April 14 /CNW/ - Namibia Rare Earths Inc. (the "Company" or "Namibia Rare Earths") is pleased to announce that it has completed its initial public offering of 31,250,000 common shares at a price of C$0.80 per share for gross proceeds of C$25,000,000 (the "Offering"). The Offering was sold through a syndicate of agents co-led by Cormark Securities Inc. and Byron Capital Markets Ltd. and with the participation of CIBC World Markets Inc. (collectively the "Agents"). The Company's common shares will begin trading on the Toronto Stock Exchange effective April 14, 2011 under the symbol "NRE".\nNamibia Rare Earths has granted the Agents an over-allotment option to purchase, within the next 30 days, an additional 4,687,500 common shares at a price of $0.80 per share to cover the Agents' over allocation and for market stabilization.\nThe Company will use the proceeds from the Offering to undertake the recommended work programs to advance the Lofdal Rare Earth Project in north-western Namibia, with the remainder of the proceeds being used to fund exploration activities elsewhere in Namibia, to assess future opportunities in the rare earth sector, and for general corporate purposes and working capital requirements.\nThe Agents received a cash commission equal to 6.0% of the gross proceeds...

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