Business
NAMIBIA RARE EARTHS CLOSES OVER-ALLOTMENT OPTION
Apr. 27, 2011 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"\n\n\n Apr. 27, 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 IN THE UNITED STATES OR THROUGH US NEWS WIRES/\n\nHALIFAX, April 27 /CNW/ - Namibia Rare Earths Inc. (the "Company" or "Namibia Rare Earths") (TSX: NRE) is pleased to announce that it has completed the issuance of 4,687,500 common shares at a price of C$.80 per share for gross proceeds to the Company of C$3,750,000, pursuant to the exercise by Cormark Securities Inc., Byron Capital Markets Ltd. and CIBC World Markets (the "Agents") of the over-allotment option granted to them in connection with the Company's C$25 million initial public offering completed on April 14, 2011.\nThe Agents received a cash commission equal to 6.0% of the gross proceeds together with 281,250 broker warrants, each warrant exercisable for one common share of the Company at a price of C$.80 during the period ended April 14, 2013.\n\n\n >\n\n\nNamibia Rare Earths is a mineral exploration and development company that is focused on the development of rare earth mineral deposits in Namibia. The Company's principal project is the Lofdal rare earth project in north-western Namibia, which has the potential to host one or more, world-class, heavy rare earth-enriched mineral deposits. The common shares of Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under the symbol "NRE".\nThe securities referenced in this news release have not been registered under the United States Securit...