Business
Placing raises £6.435 million at 15p per share
Placing raises £6.435 million at 15p per share.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 8607O\n Rainbow Rare Earths Limited\n 13 October 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, (MAR), IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION.\n \n \n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.\n \n \n FOR IMMEDIATE RELEASE\n \n \n Rainbow Rare Earths Limited \n \n \n (\"Rainbow\" or the \"Company\")\n \n \n (LSE: RBW)\n \n \n 13 October 2021\n \n \n \n \n \n Placing of new Ordinary Shares raises £6.435 million at 15p per share\n \n \n \n \n \n Rainbow is pleased to announce that it has agreed to conditionally issue 42,900,000 new ordinary shares in the Company of no par value each (\"Ordinary Shares\") at a price of 15p per Ordinary Share (the \"Placing Price\"), thereby raising gross proceeds of £6.435 million (the \"Placing\"). The Placing Price represents a 3.4% premium to the closing mid-market share price of 14.5p per Ordinary Share on 11 October 2021 when the Placing Price was agreed.\n \n \n The 42,900,000 Ordinary Shares to be issued at the Placing Price includes:\n \n \n · \n £2.250 million received from TechMet Limited (\"TechMet\") via a direct subscription with the Company (\"TechMet Subscription\"). TechMet is a private industrial company that is building strategic positions in world-class projects across the technology metals supply chain. The U.S. International Development Finance Corporation, an agency of the U.S. government that invests in overseas development projects, is a major investor in TechMet.\n \n \n · \n £4.185 million received from other investors, including global institutional investors.\n \n \n Reasons for the Placing\n \n \n The Placing proceeds, which total approximately US$8.5 million, net of estimated costs totalling US...