Rainbow Rare Earths Limited Exercise of Share Options (2033K)
31 December 2020 - 6:00PM
UK Regulatory
TIDMRBW
RNS Number : 2033K
Rainbow Rare Earths Limited
31 December 2020
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
31(st) December 2020
Exercise of Share Options
Rainbow Rare Earths Ltd announces that the Company has allotted
a total of 3,000,000 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
13,718,987share options with an exercise price of 5.28p per share,
which can be exercised until 24(th) January 2023.
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 6 January
2021.
The Company's enlarged issued share capital will be 467,547,541
Ordinary Shares. The Company has no treasury shares. This figure of
467,547,541 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% total
rare earth oxide ("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 80% of the value of
the concentrate.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises approximately 35 million tonnes of gypsum resulting from
historic phosphate hard rock mining, containing rare earth elements
with an 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
stacks, 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
MSCFLFEAFSLIVII
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December 31, 2020 02:00 ET (07:00 GMT)
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