REG - Rainbow Rare Earths - Disclosure of Share Transaction

Rainbow Rare EarthsAnnouncement

15/02/2021 07:00

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RNS Number : 0130P  Rainbow Rare Earths Limited  15 February 2021

FOR IMMEDIATE RELEASE

15 February 2021

Rainbow Rare Earths Limited

("Rainbow" or the "Company") (LSE: RBW)

 

Notification and public disclosure of transactions by PDMR and persons closely
associated with them

The Company announces that Victoria Lowrie, spouse of Alex Lowrie, a
Non-executive Director of the Company, has on 12(th) February 2021 purchased
320,000 ordinary shares of no par value each in the Company ("Ordinary
Shares") at an aggregate price of 12.00 pence per share.

 

As a result of this transaction the beneficial ownership of Alex Lowrie and
related parties in the Ordinary Shares of the Company is as follows:

                 Total shares held prior to transaction      Total shares held post

 transaction
                 No                    %                     No            %
 Alex Lowrie(1)  5,755,124             1.22%                 6,075,124     1.29%

 

1.     Includes shares held by Victoria Lowrie, spouse of Alex Lowrie, and
shares held via a discretionary trust closely associated with Alex Lowrie

 

 1.                            Details of the person discharging managerial responsibilities/person closely
                               associated
 (a)                           Full name of person Dealing                                  Victoria Lowrie
 2.                            Reason for notification
 (a)                           Position/status                                              Spouse of Alex Lowrie, Non-Executive Director
 (b)                           Initial notification/ Amendment                              Initial notification
 3.                            Details of the issuer, emission allowance market participant, auction
                               platform, auctioneer or auction monitor
 (a)                           Name of entity                                               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  Ordinary Shares of no par value each
 (b)                           Identification code                                          GG00BD59ZW98
 (c)                           Nature of the transaction                                    Purchase of Ordinary Shares
 (d)                           Price(s) and volume(s)                                       Prices(s)   Volume(s)
                                                                                            12.0 pence  320,000

 
 (e)                           Aggregated information:

                               - Aggregated volume                                          N/A   single transaction

                               - Price
 (f)                           Date of transaction                                          12 February 2021
 (g)                           Place of transaction                                         London Stock Exchange

 

(e)

Aggregated information:

- Aggregated volume

- Price

 

N/A   single transaction

(f)

Date of transaction

12 February 2021

(g)

Place of transaction

London Stock Exchange

 

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.

**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

 

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 Company's Gakara Project in Burundi, which produces one of the
highest-grade concentrates in the world (typically 54% 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.

The Phalaborwa Rare Earths Project, located in South Africa, comprises
approximately 35 million tonnes of gypsum tailings stacked in unconsolidated
dumps derived from historic phosphate hard rock mining, containing rare earth
elements with an initial estimated average in situ grade of 0.6% TREO, based
on previous sampling campaigns, of which +/- 30% comprises high-value NdPr.
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.

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