Rainbow Rare Earths Limited Allotment of New Shares (6562R)
02 March 2019 - 3:17AM
UK Regulatory
TIDMRBW
RNS Number : 6562R
Rainbow Rare Earths Limited
01 March 2019
FOR IMMEDIATE RELEASE
1 March 2019
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE:
RBW)
Allotment of new shares
Rainbow announces that the Company has allotted a total of
3,425,728 new ordinary shares of no par value ('Ordinary Shares')
in satisfaction of the first drawdown of US$100k under the facility
announced on 25 January 2019 with a fund managed by The Lind
Partners LLC.
The new Ordinary Shares 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. Dealings are expected to commence on 8 March
2018.
The Company's enlarged issued share capital will be 198,833,073
Ordinary Shares. The Company has no treasury shares. This figure of
198,833,073 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 Earths Ltd Martin Eales Tel: +44 (0) 20 3910
4550
St Brides Partners Ltd Isabel de Salis Tel: +44 (0) 20 7236
Priit Piip 1177
---------------- ---------------------
Arden Partners plc Paul Shackleton Tel: +44 (0) 20 7614
Benjamin Cryer 5900
---------------- ---------------------
Notes to Editors:
Rainbow's focus is the Gakara Project in Burundi, one of the
highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects
globally and the only African producer.
The Company began production of rare earth concentrates in Q4
2017 and has a ten-year distribution and offtake agreement with
multinational thyssenkrupp Materials Trading secured for the sale
of at least 5,000tpa of concentrate produced.
The Gakara basket is weighted heavily towards the magnet rare
earths, including neodymium and praseodymium, which are driving
demand and account for 70% of annual global REE sales due to their
use in vital components in motors, generators, wind turbines, and
electric vehicles.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOECKDDDABKDANK
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