Rainbow Rare Earths Limited Issue of Shares Pipestone Capital Inc Loan (5387W)
23 Diciembre 2021 - 12:59AM
UK Regulatory
TIDMRBW
RNS Number : 5387W
Rainbow Rare Earths Limited
23 December 2021
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
23 December 2021
Issue of Shares in Part Settlement of Pipestone Capital Inc
Loan
Rainbow Rare Earths Ltd announces that the Company has issued a
total of 875,389 new ordinary shares of no par value ('Ordinary
Shares') to Pipestone Capital Inc to settle US$150,000 due under
the Pipestone Bridge Loan originally announced on 25 February 2020.
The balance of the loan totalling US$885,620, including accrued
interest, has been settled in cash.
The 875,389 new Ordinary Shares will 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. Admission of the Ordinary Shares to
trading is expected to commence on 31 December 2021.
The Company's enlarged issued share capital will be 522,686,823
Ordinary Shares. The Company has no treasury shares. This figure of
522,686,823 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 George Bennett
Earths Ltd Company Pete Gardner +27 82 652 8526
SP Angel Corporate Ewan Leggat
Finance LLP Broker Charlie Bouverat +44 (0) 20 3470 0470
--------- ------------------- --------------------------------------
Flagstaff Strategic Tim Thompson +44 (0) 207 129 1474
and Investor Fergus Mellon rainbowrareearths@flagstaffcomms.com
Communications
------------------ --------------------------------------
Notes to Editors:
Rainbow'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 increasing 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%
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% total rare
earths oxides ("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.
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END
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December 23, 2021 01:59 ET (06:59 GMT)
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