TORONTO, April 29, 2013 /CNW/ – Oberndorf Enterprises, LLC, announced
today that it had, together with its affiliates (collectively,
“Oberndorf Enterprises”), acquired by way of a private agreement an
aggregate of 23,725,000 common shares of Namibia Rare Earths Inc. (the
“Company”) at a price of approximately $0.177 per share, representing
approximately 30.5% of the issued and outstanding common shares of the
Company (based on a total of 77,828,500 common shares issued and
outstanding). Mr. Dan-Mihai Reuter, who is presumed under applicable
securities legislation to be acting jointly or in concert with
Oberndorf Enterprises, acquired by way of private agreement 275,000
common shares of the Company at a price of approximately $0.177 per
share, representing approximately 0.4% of the issued and outstanding
common shares of the Company.

Oberndorf Enterprises acquired the common shares for investment
purposes. Consistent with such purpose, Oberndorf Enterprises has had,
and may have in the future, discussions with management of the Company
and may make suggestions concerning the Company’s operations,
prospects, business and financial strategies, assets and liabilities,
business and financing alternatives and such other matters as it may
deem relevant to its investments in the common shares and other
securities of the Company. Oberndorf Enterprises expects that it will,
from time to time, review its investment position in the Company and
may, depending on market and other conditions, increase or decrease its
investment position in the common shares or other securities of the
Company.

Whether Oberndorf Enterprises acquires any additional common shares or
other securities of the Company or disposes of any common shares or
other securities of the Company, and the amount and timing of any such
transactions, will depend upon its continuing assessments of pertinent
factors, including, but not limited to, the availability of common
shares or other securities of the Company for purchase at particular
price levels, the Company’s and Oberndorf Enterprises’s business and
prospects, other business investment opportunities available to
Oberndorf Enterprises, economic conditions, stock market conditions,
money market conditions, the attitudes and actions of the board of
directors and management of the Company, the availability and nature of
opportunities to dispose of Oberndorf Enterprises’s interest in the
Company, to realize trading profits or minimize trading losses, and
other plans and requirements of Oberndorf Enterprises. Depending upon
its individual assessment of these factors from time to time, Oberndorf
Enterprises may change its present intentions as stated above,
including determining to acquire additional common shares or other
securities of the Company (by means of open market or privately
negotiated purchases) or to dispose of some or all of the common shares
or other securities of the Company held by or under the control of
Oberndorf Enterprises. In addition, Oberndorf Enterprises may from
time to time enter into equity swap or other derivative transactions
with respect to its investment in the common shares or other securities
of the Company. Oberndorf Enterprises is relying on the exemption in
section 100.1 of the Securities Act (Ontario) with respect to the acquisition of common shares described in
this press release.

Oberndorf Enterprises will be filing a report (as contemplated by
National Instrument 62-103 – The Early Warning System and Related Takeover Bid and Insider Reporting
Issues) in connection with the acquisition of the common shares of the
Company.

SOURCE Oberndorf Enterprises, LLC