Namibia Critical Metals Inc. announced it has closed the non-brokered private placement announced on February 23, 2022 the amount of which was increased from $500,000 to $750,000 as a result of investor interest (“Private Placement”).
A total of 3,750,000 units were issued at a price of $0.20 per unit. Each unit consists of one common share and one warrant. Each whole warrant is exercisable for one common share at a price of $0.35 until March 31, 2024. A maximum of 7,500,000 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 gold exploration and 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 August 1, 2022. Finder’s fees of 6% were paid to Wellington Altus Wealth Management. ($3,000), Canaccord ($900), Haywood Securities ($6,000), GloRes Securities ($4,800) and BMO Nesbitt Burns Corp. ($1,500) in respect of $270,000 of units subscribed for.
About Namibia Critical Metals Inc.
Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage projects in Namibia focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries. The most advanced stage project in the portfolio is Lofdal. The Company also holds significant land positions in areas favourable for gold mineralization.
Heavy Rare Earths: The Lofdal Dysprosium-Terbium Project is the Company’s most advanced project being fully permitted with a Mining Licence (ML 200) issued in 2021. The project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation (“JOGMEC”).