Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) said it has completed its previously announced non-brokered private placement, issuing a total of 8,333,333 company units at a price of $0.06 per unit.
Each unit of the financing consisted of one company common share plus one warrant, with each whole warrant being exercisable to acquire one Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) common share at a price of $0.10 until December 22, 2025.
The rare earths project developer said proceeds of the offering will be used primarily to fund marketing and general corporate purposes.
Namibia Critical Metals also noted that company insiders acquired $257,000 of the private placement.
Common shares and warrants issued pursuant to the private placement are subject to a four-month hold period expiring April 23, 2024.
No finder's fees were paid in respect of this financing, according to the company.
Namibia Critical Metals is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium.