Rainbow Rare Earths Limited Exercise of Share Options (6555P)
February 19 2021 - 2:00AM
UK Regulatory
TIDMRBW
RNS Number : 6555P
Rainbow Rare Earths Limited
19 February 2021
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
19 February 2021
Exercise of Share Options
Rainbow Rare Earths Ltd announces that the Company has allotted
a total of 2,700,000 new ordinary shares of no par value ('Ordinary
Shares') at a price of 5.28p per share to the Australian Special
Opportunity Fund, LP on receipt by the Company of a valid
notification to exercise share options. Following this exercise the
Australian Special Opportunity Fund, LP holds a further 7,018,987
share options with an exercise price of 5.28p per share, which can
be exercised until 24(th) January 2023.
The 2,700,000 new Ordinary Shares will rank pari passu with the
Company's existing issued Ordinary Shares and application has been
made for the Ordinary Shares to be admitted to the Main Market of
the London Stock Exchange. Admission of the Ordinary Shares to
trading is expected to commence on 25(th) February 2021.
The Company's enlarged issued share capital will be 474,381,551
Ordinary Shares. The Company has no treasury shares. This figure of
474,381,551 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
**ENDS**
For further information, please contact
Rainbow Rare George Bennett
Earths Ltd Company Pete Gardner +27 82 652 8526
SP Angel Corporate Ewan Leggat
Finance LLP Broker Charlie Bouverat +44 (0) 20 3470 0470
--------- ------------------- --------------------------------------
Flagstaff Strategic Tim Thompson +44 (0) 207 129 1474
and Investor Fergus Mellon rainbowrareearths@flagstaffcomms.com
Communications
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Notes to Editors:
Rainbow's strategy is to become a globally-significant producer
of rare earth metals. NdPr are vital components of the strongest
permanent magnets used for the motors and turbines driving the
green technology revolution. Analysts are predicting demand for
magnet rare earth oxides will grow substantially over the coming
years, driven by increasing adoption of green technology, pushing
the overall market for NdPr into deficit.
The Company's Gakara Project in Burundi, which produces one of
the highest-grade concentrates in the world (typically 54% TREO)
through ongoing trial mining operations, is currently the only
African producer of rare earths. The Gakara basket is weighted
heavily towards NdPr, which account for over approximately 19.5% of
the contained TREO and 85% of the value of the concentrate.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises approximately 35 million tonnes of gypsum tailings
stacked in unconsolidated dumps derived from historic phosphate
hard rock mining, containing rare earth elements with an initial
estimated average in situ grade of 0.6% TREO, based on previous
sampling campaigns, of which +/- 30% comprises high-value NdPr. The
rare earths are contained in chemical form in the gypsum dumps,
which is expected to deliver a higher-value rare earth carbonate,
with lower operating costs than a typical rare earth mineral
project.
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END
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