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Rare Earths exploration outfit targets private placement for further funding

Rare Earths exploration outfit targets private placement for further funding

The president of the company responsible for the Lofdal Rare Earth Project, Namibia Rare Earths Inc., Don Burton, announced last week that the company intends to issue, by way of non-brokered private placement up to 7,142,857 common shares at a price of US$0.07 per share for gross proceeds of up to US$500,000.

The net proceeds of the private placement will be used for general working capital. The placement is expected to close on or before 28 April 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the Toronto Stock Exchange.

All securities issued and reconciled to the Private Placement will be subject to a four-month hold period from the date of closing.

Namibia Rare Earths also announced that the Chief Financial Officer, Teri Anderson has stepped down and will be replaced by Darrin Campbell, a Chartered Accountant and Certified Management Accountant with approximately 20 years’ experience in various financial roles primarily in the venture capital and resource sectors.

Anderson served as CFO of Namibia Rare Earths since its establishment in 2010 and has made significant contributions to the milestones achieved including taking the Lofdal Rare Earth Project from exploration through to the filing of an application for a mining license. The Lofdal project comprises 200 square kilometres of exceptional heavy rare earth enrichment of more than 80%, opening the door for the discovery of a world class heavy rare earth deposit.

A preliminary economic assessment concluded that the Lofdal project currently has the potential to produce an average of 1,500 tonnes per annum of separated rare earth oxides which would generate after tax cumulative cash flow of US$259 million with a net present value of US$148 million.

After considering various factors, including the continued listing requirements and the on-going costs associated with having its common shares listed on the Toronto Stock Exchange (TSX), Namibia Rare Earths has applied for voluntary delisting of its common shares from the TSX.

The company intends to transition the listing of its common shares onto the TSX Venture Exchange under the existing ticker “NRE”. Application for listing has been made to the venture exchange. The company stated that it is providing the necessary documentation to complete the listing process. The listing on the TSXV is subject to final approval and acceptance by the TSXV.

Namibia Rare Earths expects the delisting of its shares from the TSX and the transition to the TSXV to happen simultaneously.

About The Author

Freeman Ngulu

Freeman Ngulu is an Entrepreneur, into data journalism and is an aspiring content marketer. He tweets @hobameteorite.

Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.