Source - RNS
RNS Number : 7009K
Rainbow Rare Earths Limited
12 April 2018
 

 

 

Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)

Issue of New Shares

 

Rainbow announces that the Company has allotted a total of 134,000 new ordinary shares of no par value ('Ordinary Shares') at a price of 10p each. The Ordinary Shares were issued to an employee on receipt by the Company of a valid notification to exercise the options.

 

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 16 April 2018.

 

The Company's enlarged issued share capital will be 174,760,472 Ordinary Shares. The Company has no treasury shares. This figure of 174,760,472 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

Martin Eales

Tel: +44 (0) 20 3910 4550

St Brides Partners Ltd

Lottie Wadham

Susie Geliher

Tel: +44 (0) 20 7236 1177

Arden Partners plc

Paul Shackleton

Benjamin Cryer

Tel: +44 (0) 20 7614 5900

 

Notes to Editors:

 

Rainbow's focus is the Gakara Project in Burundi, one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally and the only African producer. 

 

The Company began production of rare earth concentrates in Q4 2017 and is currently ramping up to a targeted run rate of 5,000tpa by the end of 2018 and 6,000tpa by the end of 2019.  Rainbow has a ten-year distribution and offtake agreement with multinational thyssenkrupp Raw Materials secured for the sale of at least 5,000tpa of concentrate produced.

 

The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand and account for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines, and electric vehicles.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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