Rainbow Rare Earths Limited Issue of New Shares (7009K)
April 12 2018 - 4:00AM
UK Regulatory
TIDMRBW
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 Martin Eales Tel: +44 (0)
Ltd 20 3910 4550
-------------------- ---------------- --------------
St Brides Partners Lottie Wadham Tel: +44 (0)
Ltd Susie Geliher 20 7236 1177
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Arden Partners plc Paul Shackleton Tel: +44 (0)
Benjamin Cryer 20 7614 5900
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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
END
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