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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.95 | 9.70 | 10.20 | 9.95 | 9.95 | 9.95 | 26,231 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chem,fertlizer Minrl Mng,nec | 0 | -11.98M | -0.0192 | -5.18 | 62.15M |
TIDMRBW
RNS Number : 6416B
Rainbow Rare Earths Limited
10 June 2019
FOR IMMEDIATE RELEASE
10 June 2019
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)
Full Conversion of Convertible Loan
Rainbow announces that it has received an exercise notice from The Lind Partners LLC ('Lind') requesting full conversion of the outstanding US$900,000 convertible loan facility announced on 28 January 2019.
Under the terms of the convertible loan, taking into account collateral shares already issued by Rainbow, Lind is entitled to be issued with a further 26,290,251 ordinary shares of no par value in the Company ('Ordinary Shares') which equates to an effective conversion price of 2.69p for each new Ordinary Share issued.
Under the Prospectus Rules, there is a limit on the number of new shares that a company can admit to trading (and in effect issue) in any 12 month period, without incurring the obligation to publish a prospectus.
For all of the 26,290,251 new Ordinary Shares requested by Lind to be admitted to trading Rainbow will be required to publish a prospectus.
Therefore, Rainbow has agreed with Lind to allot a total of 8,446,360 shares immediately and the balance of 17,843,891 Ordinary Shares pending publication of a prospectus, which Rainbow expects it will publish in July 2019. Lind has reserved the right to revoke its exercise notice in relation to the allotment and issue of the additional 17,843,891 Ordinary Shares
The 8,446,360 new Ordinary Shares now issued to Lind rank pari passu with the Company's existing issued Ordinary Shares and application has been made for these Ordinary Shares to be admitted to the Main Market of the London Stock Exchange. Dealings are expected to commence on 14 June 2019.
Following the issue of the 8,446,360 new Ordinary Shares to Lind, the Company's enlarged issued share capital will be 216,339,000 Ordinary Shares. The Company has no treasury shares. This figure of 216,339,000 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
MSCLIFVERVIILIA
(END) Dow Jones Newswires
June 10, 2019 02:00 ET (06:00 GMT)
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