Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
10 November 2022
Exercise of Final Tranche of Share Options held by
the Australian Special Opportunity Fund, LP
Rainbow Rare Earths Ltd announces that the Company has allotted a total of 2,000,000 new ordinary shares of no par value ('Ordinary Shares') at a price of 5.28p per share to the Australian Special Opportunity Fund, LP on receipt by the Company of a valid notification to exercise share options. This exercise represents the final share options held by the Australian Special Opportunity Fund, LP.
The 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 14 November 2022.
The Company's enlarged issued share capital will be 526,405,810 Ordinary Shares. The Company has no treasury shares. This figure of 526,405,810 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 |
Company |
George Bennett Pete Gardner |
+27 82 652 8526 |
|
SP Angel Corporate Finance LLP |
Broker |
Ewan Leggat Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
Berenberg |
Broker |
Matthew Armitt Jennifer Lee |
+44 (0) 20 3207 7800 |
|
Tavistock Communications |
PR/IR |
Charles Vivian Tara Vivian-Neal |
+44 (0) 20 7920 3150 rainbowrareearths@tavistock.co.uk |
Notes to Editors:
Rainbow's strategy is to identify near-term, secondary rare earths production opportunities. Meeting escalating demand for critical minerals needed for global decarbonisation, we are focused on producing the magnet rare earth metals neodymium and praseodymium ("NdPr"), dysprosium and terbium. With our strong operating experience, proven project development experience, unique intellectual property and diversified portfolio, Rainbow will develop a responsible rare earths supply chain to drive the green energy transition.
The Phalaborwa Rare Earths Project, located in South Africa, comprises an Inferred Mineral Resource Estimate of 30.7Mt at 0.43% TREO contained within unconsolidated gypsum stacks derived from historic phosphate hard rock mining. High value NdPr oxide represents 29.1% of the total contained rare earth oxides, with economic Dysprosium and Terbium oxide credits enhancing the overall value of the rare earth basket in the stacks. The rare earths are contained in chemical form in the gypsum stacks, which allows high-value separated rare earth oxides to be produced in a single processing plant at site with lower operating costs than a typical rare earth mineral project.