TIDMRBW

RNS Number : 3598E

Rainbow Rare Earths Limited

07 July 2021

Rainbow Rare Earths Limited

("Rainbow" or the "Company")

(LSE: RBW)

7 July 2021

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 18 pence per new Ordinary Share, representing a 22% premium to the closing share price of 14.75 pence per share on 5 July 2021.

A total of 500,000 options over new Ordinary Shares have been issued to J Peter Pham, the recently appointed non-executive director, as part of his overall remuneration package. These options vest immediately on issue with a term of 10 years. As a director, Mr Pham is a Person Discharging Managerial Responsibility ('PDMR') of the Company.

In addition, a further 800,000 options over new Ordinary Shares have been issued to key personnel (not PDMRs), which will vest in three tranches after 12 months, 24 months and 36 months, with a term of 10 years, subject to the personnel remaining employees of the group.

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 7,991,400 share options in issue under the existing share option scheme, representing 1.7% of the existing issued share capital of the Company, with a weighted average exercise price of 12.19 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                        J Peter Pham 
     --------------------------  -------------------------------------------- 
 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. Pouroulis holds 1,402,000 
                                   options to purchase ordinary shares. 
     --------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)    Volume(s) 
                                    GBP0.18     500,000 
                                               ---------- 
     --------------------------  -------------------------------------------- 
 d)   Aggregated information 
 
       Aggregated volume            500,000 
 
        *    Price                  GBP0.18 
     --------------------------  -------------------------------------------- 
 e)   Date of the transaction     6 July 2021 
                                   Note: the Company is not considered 
                                   in a close period at the time of this 
                                   transaction. 
     --------------------------  -------------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  --------------------------------------------

**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. NdPr 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 NdPr 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 NdPr 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, which produces one of the highest-grade concentrates in the world (typically 54% total rare earths oxides ("TREO")) through ongoing trial mining operations, is currently the only African producer of rare earths. The Gakara basket is weighted heavily towards NdPr, 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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July 07, 2021 02:00 ET (06:00 GMT)

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