Business
Conditional shares issue & share options exercise
Conditional shares issue & share options exercise.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n\n \n\n6 December 2023\nRainbow Rare Earths Limited\n(\"Rainbow\" or \"the Company\")\nLSE: RBW\n \nISSUE OF CONDITIONAL SHARES FROM SEPTEMBER PLACING AND EXERCISE OF SHARE OPTIONS\nRainbow Rare Earths is pleased to announce that further to the placing announcements dated 27 September 2023 and 4 October 2023 and the results of the Annual General Meeting (\"AGM\") announced 21 November 2023, the 4,213,459 new ordinary shares of no par value each in the Company (\"Ordinary Shares\") conditionally placed with Pella Ventures Limited (\"Pella\") have now been issued (the \"Conditional Shares\"). Pella is a family office with a focus on clean technologies and sustainable energy and is a related party on the basis that its founder, Adonis Pouroulis, is also Non-Executive Chairman of Rainbow.\nIn addition, George Bennett, Rainbow's CEO, has exercised 1,458,000 nil priced share options originally issued in January 2021.\nGeorge Bennett, CEO, commented: \"We are very encouraged by the strong support we received at our recent fundraising and are pleased to issue the final 4.2 million Conditional Shares from that placing now that shareholder approval has been obtained. I am happy to show my ongoing support for Rainbow by increasing my holding via the exercise of share options.\"\nTotal voting rights and Admission\nAn application has been made for the 4,213,459 Conditional Shares and 1,458,000 option shares (together, 5,671,459 \"New Ordinary Shares\") to be issued, admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange Plc's Main Market for listed securities. It is expected that Admission will become effective and that dealing in the New Ordinary Shares will commence on or around 11 December 2023. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares. Following Admission of the New Ordinary Shares, the Company will have 630,316,655 Ordinary Shares in issue.\nThe above figure of 630,316,655 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.\nFurther disclosures as required for the notification of a major shareholding in the...