REG - Rainbow Rare Earths - Issue of Share Options

Rainbow Rare EarthsAnnouncement

03/02/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220203:nRSC5352Aa&default-theme=true

RNS Number : 5352A  Rainbow Rare Earths Limited  03 February 2022

3(rd) February 2022

 

 

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

Issue of Share Options

Rainbow Rare Earths Ltd announces that the board of directors, on the
recommendation of the Remuneration Committee, has approved the grant of share
options over new ordinary shares of no par value each in the Company
('Ordinary Shares') under the existing share option plan with an exercise
price of 15 pence per new Ordinary Share as follows:

·    George Bennett, CEO: 1,600,000 options

·    Pete Gardner, CFO: 900,000 options

The options will vest in three equal tranches: one third after 12 months, one
third after 24 months and one third after 36 months.

In aggregate the above grants of options represent 0.3% of the existing issued
share capital of the Company.  Prior to this award the Company had 9,291,400
share options in issue under the existing share option scheme, representing
1.8% of the existing issued share capital of the Company, with a weighted
average exercise price of 13.00 pence per share.  In addition, the Company
had 3,708,000 nil priced options issued under the LTIP scheme in January 2021.

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                                                         George Bennett
 2   Reason for the notification
 a)  Position/status                                              PDMR
 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  Ordinary shares of no par value each

     Identification code

                                                                  GG00BD59ZW98
 b)  Nature of the transaction                                    Award of options to purchase ordinary shares of the Company. Following the

                                                            transaction, Mr. Bennett holds 3,058,000 options to purchase ordinary shares.

 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            £0.15     1,600,000

 d)  Aggregated information

     Aggregated volume                                            1,600,000

     -      Price                                                 £0.15

 e)  Date of the transaction                                      2 February 2022

 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 

Aggregated volume

 

-      Price

 

 

 

1,600,000

 

£0.15

e)

Date of the transaction

 

2 February 2022

 

f)

Place of the transaction

Outside a trading venue

 

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                                                         Pete Gardner
 2   Reason for the notification
 a)  Position/status                                              PDMR
 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  Ordinary shares of no par value each

     Identification code

                                                                  GG00BD59ZW98
 b)  Nature of the transaction                                    Award of option to purchase ordinary shares of the Company. Following the

                                                            transaction, Mr. Gardner holds 1,900,000 options to purchase ordinary shares.

 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            £0.15     900,000

 d)  Aggregated information

     Aggregated volume                                            900,000

     -      Price                                                 £0.15

 e)  Date of the transaction                                      2 February 2022

 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 

Aggregated volume

 

-      Price

 

 

 

900,000

 

£0.15

e)

Date of the transaction

 

2 February 2022

 

f)

Place of the transaction

Outside a trading venue

 

**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
 Tavistock Communications Limited  PR/IR    Charles Vivian     +44 (0) 20 7920 3150

                                            Tara Vivian-Neal   rainbowrareearths@tavistock.co.uk (mailto:rainbowrareearths@tavistock.co.uk)

 

Notes to Editors:

Rainbow Rare Earth'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 accelerating the 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% total rare earths oxides
("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% 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHUUOARUAUURUR