Share Name Share Symbol Market Type Share ISIN Share Description
Rainbow Rare Earths Limited LSE:RBW London Ordinary Share GG00BD59ZW98 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 3.45p 3.20p 3.70p 3.45p 3.45p 3.45p 2,233,403 08:00:28
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 1.0 -2.5 -0.0 - 13

Rainbow Rare Earths Limited Allotment of new shares

22/05/2019 11:05am

UK Regulatory (RNS & others)


Rainbow Rare Earths (LSE:RBW)
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RNS Number : 8579Z

Rainbow Rare Earths Limited

22 May 2019

FOR IMMEDIATE RELEASE

22 May 2019

Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)

Allotment of new shares

Rainbow, the rare earth element mining company, announces that it has allotted a total of 3,927,500 new ordinary shares of no par value ('Ordinary Shares') in satisfaction of the third drawdown of US$100k under the facility announced on 28 January 2019 with a fund managed by The Lind Partners LLC. This was the final tranche drawn down prior to the suspension of the facility as announced on 7 May 2019.

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 28 May 2019.

The Company's enlarged issued share capital will be 207,892,640 Ordinary Shares. The Company has no treasury shares. This figure of 207,892,640 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    Priit Piip        Tel: +44 (0) 20 7236 
                                              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

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May 22, 2019 06:05 ET (10:05 GMT)

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