REG - Rainbow Rare Earths - Exercise of Share Options

Rainbow Rare EarthsAnnouncement

10/11/2022 07:01

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RNS Number : 8878F  Rainbow Rare Earths Limited  10 November 2022

 

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     +27 82 652 8526

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

                                          Charlie Bouverat
 Berenberg                       Broker   Matthew Armitt     +44 (0) 20 3207 7800

                                          Jennifer Lee
 Tavistock Communications        PR/IR    Charles Vivian     +44 (0) 20 7920 3150

                                          Tara Vivian-Neal   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.

 

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