Business
Completion of Ecora Royalty Transaction
Completion of Ecora Royalty Transaction.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n\n\n\n25 September 2024\nRainbow Rare Earths Limited\n(\"Rainbow\" or \"the Company\")\nLSE: RBW\n \nCompletion of Ecora Royalty Agreement Transaction\n \nFurther to the announcement on 1 July 2024 that Rainbow has entered into a royalty financing and share subscription agreement with Ecora Resources PLC (\"Ecora\"), Rainbow is pleased to announce that all conditions precedent required for the payment of the US$8.5 million royalty consideration have been met and the funds, net of US$229k transaction costs, have been received by Rainbow.\nThis is in addition to the funds raised by the associated share subscription which completed in July and delivered an additional ca. US$1.5 million to Rainbow, for a total gross funding of US$10 million.\nAs previously announced, the funds will be used to:\n1. deliver the completion of the Definitive Feasibility Study on the Phalaborwa project; and\n2. cover all other Company financing requirements up to June 2025.\n \nFor further information, please contact:\n \n\n\n\n\nRainbow Rare Earths Ltd\n\n\nCompany\n\n\nGeorge Bennett\nPete Gardner\n\n\n+27 82 652 8526\n \n\n\n\n\n \n\n\nIR\n\n\nCathy Malins\n\n\n+44 7876 796 629\[email protected]\n\n\n\n\nBerenberg\n\n\nBroker\n\n\nMatthew Armitt\nJennifer Lee\n \n\n\n+44 (0) 20 3207 7800\n\n\n\n\nStifel\n \n\n\nBroker\n\n\nAshton Clanfield\nVarun Talwar \n \n\n\n+44 20 7710 7600\n\n\n\n\nTavistock Communications\n\n\nPR/IR\n\n\nCharles Vivian\nTara Vivian-Neal\n\n\n+44 (0) 20 7920 3150\[email protected]\n\n\n\n\n \nNotes to Editors:\nAbout Rainbow:\nRainbow Rare Earths aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium.\nThe Company is focused on the development of the Phalaborwa Rare Earths Project in South Africa and the earlier stage Uberaba Project in Brazil. Both projects entail the recove...