Rainbow Rare Earths Limited Grant of Share Options (8499B)
06 Junio 2023 - 10:03AM
UK Regulatory
TIDMRBW
RNS Number : 8499B
Rainbow Rare Earths Limited
06 June 2023
6 June 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Grant of Share Options
Rainbow Rare Earths announces that pursuant to its Long Term
Incentive Plan ("LTIP") approved in January 2021 its Board of
Directors, on the recommendation of the Remuneration Committee, has
approved the grant of 1.4 million nil priced share options to
employees, including 400,000 options issued to Dave Dodd who is a
Person Discharging Managerial Responsibility of the Company.
The options will vest in equal tranches over three years : one
third after 12 months, one third after 24 months and one third
after 36 months ; there are no other vesting conditions.
In aggregate the share options granted above represent 0.23% of
the existing issued share capital of the Company. Following this
award the Company has 19,799,400 share options in issue under the
existing share option schemes, representing 3.3% of the existing
issued share capital of the Company, including 8,258,000 nil priced
options issued under the LTIP and 11,541,400 options with a
weighted average exercise price of 13.33 pence per share under the
unapproved share option plan.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
Details of the person discharging managerial responsibilities/person
1 closely associated
a) Name Dave Dodd
---------------------------- -----------------------------------------
Reason for the notification
2
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a) Position/status PDMR
---------------------------- -----------------------------------------
b) Initial notification/ Initial Notification
Amendment
---------------------------- -----------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Rainbow Rare Earths Limited
---------------------------- -----------------------------------------
b) LEI 213800HONYSAXTG6KS11
---------------------------- -----------------------------------------
Details of the transaction(s): section to be repeated for
4 (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
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a) Description of the Ordinary shares of no par value
financial instrument,
type of instrument
GG00BD59ZW98
Identification code
---------------------------- -----------------------------------------
b) Nature of the transaction Award of option to purchase ordinary
shares of the Company. Following the
transaction, Mr. Dodd holds 1,650,000
options to purchase ordinary shares.
---------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 400,000
----------
---------------------------- -----------------------------------------
d) Aggregated information
Aggregated volume 400,000
* Price Nil
---------------------------- -----------------------------------------
e) Date of the transaction 6 June 2023
Note: the Company is not considered
in a close period at the time of this
transaction.
---------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------- -----------------------------------------
For further information, please contact:
Rainbow Rare Earths Ltd Company George Bennett
Pete Gardner +27 82 652 8526
Cathy Malins (IR) +44 7876 796 629
cathym@rainbowrareearths.com
Berenberg Broker Matthew Armitt
Jennifer Lee +44 20 3207 7800
Tavistock Communications PR/IR Charles Vivian
Tara Vivian-Neal +44 (0) 20 7920 3150
rainbowrareearths@tavistock.co.uk
Notes to Editors:
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 magnet rare earth elements neodymium
and praseodymium ("NdPr"), dysprosium and terbium.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises a total Mineral Resource Estimate of 30.4 Mt at 0.44%
TREO contained within unconsolidated gypsum stacks derived from
historic phosphate hard rock mining. High value NdPr oxide
represents 29.0% of the total contained rare earth oxides, with
economic Dysprosium and Terbium oxide credits enhancing the overall
value of the rare earth basket in the stacks. Rainbow will use a
proprietary separation technique developed by its partner
K-Technologies, Inc. for the plant at Phalaborwa, which simplifies
the process of producing separated rare earth oxides (versus
traditional solvent extraction), leading to cost benefits, as well
as being more environmentally friendly.
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 < 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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END
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