REG - Rainbow Rare Earths - Correction re Issue of Shares

Rainbow Rare EarthsAnnouncement

23/12/2021 15:45

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RNS Number : 6799W  Rainbow Rare Earths Limited  23 December 2021

Rainbow Rare Earths Limited

("Rainbow" or the "Company")

(LSE: RBW)

23 December 2021

 

Correction re Issue of Shares in Part Settlement of Pipestone Capital Inc Loan

Further to the announcement made on 23 December 2021, Rainbow Rare Earths Ltd
announces that Admission to trading of the 875,389 new ordinary shares of no
par value issued to Pipestone Capital Inc is expected to commence on or around
6 January 2022.

 

The Company's enlarged issued share capital will be 522,686,823 Ordinary
Shares. The Company has no treasury shares. This figure of 522,686,823
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     +27 82 652 8526

                                                           Pete Gardner
 SP Angel Corporate Finance LLP                   Broker   Ewan Leggat        +44 (0) 20 3470 0470

                                                           Charlie Bouverat
 Flagstaff Strategic and Investor Communications           Tim Thompson       +44 (0) 207 129 1474

                                                           Fergus Mellon      rainbowrareearths@flagstaffcomms.com
                                                                              (mailto:rainbowrareearths@flagstaffcomms.com)

 

Notes to Editors:

Rainbow's strategy is to become a globally-significant producer of rare earth
metals. Nd/Pr are vital components of the strongest permanent magnets used for
the motors and turbines driving the green technology revolution. Analysts are
predicting demand for magnet rare earth oxides will grow substantially over
the coming years, driven by increasing adoption of green technology, pushing
the overall market for Nd/Pr into deficit.

 

The Phalaborwa Rare Earths Project, located in South Africa, comprises an
Inferred Mineral Resource Estimate of 38.3Mt at 0.43% TREO contained within
gypsum tailings stacked in unconsolidated dumps derived from historic
phosphate hard rock mining.  High value Nd/Pr oxide represent 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 contained in the
stacks.  The rare earths are contained in chemical form in the gypsum dumps,
which is expected to deliver a higher-value rare earth carbonate, with lower
operating costs than a typical rare earth mineral project.

 

The Company's Gakara Project in Burundi has produced one of the highest-grade
concentrates in the world (typically 54% total rare earths oxides ("TREO"))
through trial mining operations. The Gakara basket is weighted heavily towards
Nd/Pr, which account for over approximately 19.5% of the contained TREO and
85% of the value of the concentrate.

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