Rainbow Rare Earths Limited Private Placement Update (6986O)
04 Octobre 2023 - 1:19PM
UK Regulatory
TIDMRBW
RNS Number : 6986O
Rainbow Rare Earths Limited
04 October 2023
4 October 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Private Placement Update
Further to the announcement of the private placement to raise
GBP4.5 million released on 27 September 2023, the Company is hereby
correcting the following information:
The Placing proceeds include:
-- GBP0.63 million received from existing shareholder Pella
Ventures Limited ("Pella") (the announcement dated 27 September
2023 stated GBP0.54 million);
-- GBP0.54 million received from existing shareholder TechMet
Limited (the announcement dated 27 September 2023 stated GBP0.63
million); and
-- GBP3.33 million received from other investors, including
GBP0.24 million from other members of Rainbow's Board of Directors
and Senior Management.
Impact on total voting rights and admission
Of the 30 million Ordinary Shares to be issued under the
Placing, 4,213,459 Ordinary Shares to be issued to Pella are
subject to the approval of shareholders at the AGM to be held in
November 2023 (the "Conditional Shares").
An application has been made for the initial 25,786,541 Ordinary
Shares to be issued pursuant to the Placing (the "Unconditional
Shares") to be admitted to the Official List (by way of a Standard
Listing) and to trading on the London Stock Exchange Plc's Main
Market for listed securities ("First Admission"). It is expected
that First Admission will become effective and that dealing in the
Unconditional Shares will commence on 5 October 2023. The
Unconditional Shares will rank pari passu with the existing
Ordinary Shares. Following Admission of the Unconditional Shares,
the Company will have 624,645,196 Ordinary Shares in issue, which
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure, Guidance and Transparency Rules.
It is expected that admission of the Conditional Shares will
become effective and that dealing in the Conditional Shares will
commence on or around 4 December 2023 ("Second Admission")
following the AGM, and an application will be made for the
Conditional Shares to be admitted to the Official List (by way of a
Standard Listing) and to trading on the London Stock Exchange Plc's
Main Market for listed securities once shareholder approval has
been granted. The Conditional Shares will rank pari passu with the
existing Ordinary Shares.
For further information, please contact:
Rainbow Rare Earths George Bennett
Ltd Company Pete Gardner +27 82 652 8526
IR Cathy Malins +44 7876 796 629
cathym@rainbowrareearths.com
Matthew Armitt
Jennifer Lee
Berenberg Broker Detlir Elezi +44 (0) 20 3207 7800
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
About Rainbow:
Rainbow Rare Earths aims to be a forerunner in the establishment
of an independent and ethical supply chain of the rare earth
elements that are driving the green energy transition. It is doing
this successfully via the identification and development of
secondary rare earth deposits that can be brought into production
quicker and at a lower cost than traditional hard rock mining
projects, with a focus on the permanent magnet rare earth elements
neodymium and praseodymium, dysprosium and terbium.
The Company is focused on the development of the Phalaborwa Rare
Earths Project in South Africa and the earlier stage Uberaba
Project in Brazil. Both projects entail the recovery of rare earths
from phosphogypsum stacks that occur as the by-product of
phosphoric acid production, with the original source rock for both
deposits being a hardrock carbonatite. Rainbow will use a
proprietary separation technique developed by and in conjunction
with its partner K-Technologies, Inc., which simplifies the process
of producing separated rare earth oxides (versus traditional
solvent extraction), leading to cost and environmental
benefits.
The Phalaborwa Preliminary Economic Assessment has confirmed
strong base line economics for the project, which has a base case
NPV(10) of US$627 million ([1]) , an average EBITDA operating
margin of 75% and a payback period of less than two years. Pilot
plant operations will commence in 2023, with the project expected
to reach commercial production in 2026, just five years after work
began on the project by Rainbow.
[1] Net present value using a 10% forward discount rate
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