Rainbow Rare Earths Limited Issue of Share Options (5352A)
03 Febrero 2022 - 12:59AM
UK Regulatory
TIDMRBW
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/ Initial Notification
Amendment
--------------------------- ------------------------------------------
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 Ordinary shares of no par value each
financial instrument,
type of instrument
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)
GBP0.15 1,600,000
----------
--------------------------- ------------------------------------------
d) Aggregated information
Aggregated volume 1,600,000
* Price GBP0.15
--------------------------- ------------------------------------------
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/ Initial Notification
Amendment
--------------------------- ------------------------------------------
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 Ordinary shares of no par value each
financial instrument,
type of instrument
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)
GBP0.15 900,000
----------
--------------------------- ------------------------------------------
d) Aggregated information
Aggregated volume 900,000
* Price GBP0.15
--------------------------- ------------------------------------------
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 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
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Limited Tara Vivian-Neal 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.
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END
DSHUUOARUAUURUR
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February 03, 2022 01:59 ET (06:59 GMT)
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