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
  0.125 0.66% 19.125 19.00 19.25 19.125 18.75 19.125 1,322,475 14:23:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.4 -2.2 -0.6 - 91

Rainbow Rare Earths Limited Exercise of Share Options

19/02/2021 7:00am

UK Regulatory (RNS & others)

Rainbow Rare Earths (LSE:RBW)
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From Feb 2021 to Apr 2021

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RNS Number : 6555P

Rainbow Rare Earths Limited

19 February 2021

Rainbow Rare Earths Limited

("Rainbow" or the "Company")


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.


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 
                                   ------------------  -------------------------------------- 

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) Dow Jones Newswires

February 19, 2021 02:00 ET (07:00 GMT)

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