Business
Allotment of new shares
Allotment of new shares.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 8579Z Rainbow Rare Earths Limited 22 May 2019 \n\nFOR IMMEDIATE RELEASE\n22 May 2019\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nAllotment of new shares \n \nRainbow, 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.\n \nThe 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.\n \nThe 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.\n \n**ENDS**\n \nFor further information, please contact:\n \n\n\n\n\nRainbow Rare Earths Ltd\n\n\nMartin Eales \n\n\nTel: +44 (0) 20 3910 4550\n\n\n\n\nSt Brides Partners Ltd\n\n\nPriit Piip\n\n\nTel: +44 (0) 20 7236 1177\n\n\n\n\nArden Partners plc\n\n\nPaul Shackleton\nBenjamin Cryer\n\n\nTel: +44 (0) 20 7614 5900\n\n\n\n\n \nNotes to Editors:\nRainbow'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.\n \nThe 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 mo...