REG - Rainbow Rare Earths - Director Shareholding
RNS Number : 5846FRainbow Rare Earths Limited19 July 2021Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
19 July 2021
Director/PDMR Shareholding
Rainbow Rare Earths Ltd announces that Adonis Pouroulis, a Director and Person Discharging Managerial Responsibility ('PDMR') of the Company, has effected a share transaction, the purpose of which is to register shares beneficially held on behalf of Adonis Pouroulis by Pella Ventures Limited to Huntress (CI) Nominees Limited.
The net effect of this transaction leaves the overall beneficial holding of Adonis Pouroulis in the shares of the Company unchanged.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Adonis Pouroulis
2
Reason for the notification
a)
Position/status
Director
b)
Initial notification/ Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Rainbow Rare Earths Limited
b)
LEI
213800HONYSAXTG6KS11
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of no par value each
GG00BD59ZW98
b)
Nature of the transaction
Transfer of ordinary shares of no par value from Pella Ventures Limited to Huntress (CI) Nominees Limited. The shares remain beneficially owned on behalf of Adonis Pouroulis.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
£0.1225
1,328,148 - Disposed by Pella Ventures Limited
£0.1225
1,328,148 - Purchased by Huntress (CI) Nominees Limited
d)
Aggregated information
Aggregated volume
- Price
2,656,296
£325,396.26
e)
Date of the transaction
14 July 2021
f)
Place of the transaction
Outside of a trading venue
**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
Flagstaff Strategic and Investor Communications
Tim Thompson
Fergus Mellon
+44 (0) 207 129 1474
Notes to Editors:
Rainbow's strategy is to become a globally-significant producer of rare earth metals. NdPr 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 NdPr 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 NdPr 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, which produces one of the highest-grade concentrates in the world (typically 54% total rare earths oxides ("TREO")) through ongoing trial mining operations, is currently the only African producer of rare earths. The Gakara basket is weighted heavily towards NdPr, which account for over approximately 19.5% of the contained TREO and 85% of the value of the concentrate.
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