Namibia Rare Earths Inc. Announces Results from Shareholders Meeting
HALIFAX, May 25, 2017 /CNW/ - Namibia Rare Earths Inc. ("Namibia Rare Earths" or the "Company") (TSX: NRE) is pleased to announce that the shareholders voted in favour of all items of business before the Annual and Special Meeting of the Shareholders held in Halifax, Nova Scotia today. Shareholders holding 73.14% of the outstanding shares of the Company were present in person or by proxy at the meeting.
Election of Directors
The nominees for directors listed in the management proxy circular for the meeting were elected. Details of the vote are set out below.
| Nominee | Votes For | % For | Votes Withheld | % Withheld |
| Adrian T. Hickey | 52,467,443 | 99.76 | 125,561 | 0.24 |
| Douglas J. Jackson | 52,303,443 | 99.45 | 289,561 | 0.55 |
| William L. Price | 52,467,443 | 99.76 | 125,561 | 0.24 |
| Gerald J. McConnell | 52,462,943 | 99.75 | 130,061 | 0.25 |
| Glenn R. Williams | 52,315,443 | 99.47 | 277,561 | 0.53 |
Auditor Re-appointment
Deloitte LLP was re-appointed Auditors of the Company to hold office until the next Annual Meeting or until its successor is duly appointed.
Continuation of the Company's Incentive Stock Option Plan
The shareholders voted in favour of the resolution approving the continuation of the Company's Incentive Stock Option Plan ("Plan") and approving the unallocated options issuable under the Plan.
Amendment of the Company's Incentive Stock Option Plan
The shareholders voted in favour of the resolution to amend the Plan to include certain requirements and restrictions required by the policies of the TSX Venture Exchange ("TSXV") such amendments to take effect upon the Company listing on the TSXV.
After considering various factors, including the continued listing requirements and the on-going costs associated with having its common shares listed on the TSX, the Company 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 TSXV and the Company 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. One of the conditions of listing is the amendment of the Plan by the shareholders. The Company expects the delisting of its shares from the TSX and the transition to the TSXV to happen simultaneously and the Company will issue a further press release once the date has been determined.
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is focused on the accelerated development of the Lofdal Rare Earths Project. The common shares of Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under the symbol "NRE".
No regulatory authority had approved or disapproved the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of Namibia Rare Earths Inc. Forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.
SOURCE Namibia Rare Earths Inc.
Contact
Namibia Rare Earths Inc., Don Burton, President, Tel: +01 (902) 835-8760, Fax: +01 (902) 835-8761, Email: Info@NamibiaREE.com, Web site: www.NamibiaRareEarths.com
