TIDMRBW
RNS Number : 7686V
Rainbow Rare Earths Limited
06 December 2023
6 December 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
ISSUE OF CONDITIONAL SHARES FROM SEPTEMBER PLACING AND EXERCISE
OF SHARE OPTIONS
Rainbow Rare Earths is pleased to announce that further to the
placing announcements dated 27 September 2023 and 4 October 2023
and the results of the Annual General Meeting ("AGM") announced 21
November 2023, the 4,213,459 new ordinary shares of no par value
each in the Company ("Ordinary Shares") conditionally placed with
Pella Ventures Limited ("Pella") have now been issued (the
"Conditional Shares"). Pella is a family office with a focus on
clean technologies and sustainable energy and is a related party on
the basis that its founder, Adonis Pouroulis, is also Non-Executive
Chairman of Rainbow.
In addition, George Bennett, Rainbow's CEO, has exercised
1,458,000 nil priced share options originally issued in January
2021.
George Bennett, CEO, commented: "We are very encouraged by the
strong support we received at our recent fundraising and are
pleased to issue the final 4.2 million Conditional Shares from that
placing now that shareholder approval has been obtained. I am happy
to show my ongoing support for Rainbow by increasing my holding via
the exercise of share options."
Total voting rights and Admission
An application has been made for the 4,213,459 Conditional
Shares and 1,458,000 option shares (together, 5,671,459 "New
Ordinary Shares") to be issued, 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. It is expected
that Admission will become effective and that dealing in the New
Ordinary Shares will commence on or around 11 December 2023. The
New Ordinary Shares will rank pari passu with the existing Ordinary
Shares. Following Admission of the New Ordinary Shares, the Company
will have 630,316,655 Ordinary Shares in issue.
The above figure of 630,316,655 Ordinary Shares 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.
Further disclosures as required for the notification of a major
shareholding in the Company and for PDMRs are included in the
Appendix to this announcement.
Notification of Major Shareholdings
Further to the issue of the New Ordinary Shares, the following
changes in major shareholdings are notifiable:
Name No. of Ordinary % interest No. of Ordinary % interest
Shares held in Ordinary Shares held in Ordinary
prior to the Shares held immediately Shares immediately
issue prior to the following following
issue Admission Admission
of the New of the New
Ordinary Shares Ordinary Shares
Adonis Pouroulis(1) 84,108,870 13.47% 88,322,329 14.01%
---------------- -------------- ----------------- --------------------
TechMet Limited 75,206,112 12.04% 75,206,112 11.93%
---------------- -------------- ----------------- --------------------
George Bennett(2) 37,347,298 5.98% 38,805,298 6.16%
---------------- -------------- ----------------- --------------------
1. Adonis Pouroulis' holding includes shares held by Pella
Ventures Limited, which is beneficially owned by Adonis
Pouroulis.
2. George Bennett's holding includes shares held by Pipestone
Capital Inc, which is beneficially owned by George Bennett.
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.
Appendix
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and
to the FCA in Microsoft Word format if possible) (i)
1a. Identity of the issuer or the Rainbow Rare Earths Limited
underlying issuer of existing shares
to which voting rights are attached
(ii) :
--------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer (please mark with
an "X" if appropriate)
Non-UK issuer X
----
2. Reason for the notification (please mark the appropriate box or boxes
with an "X")
An acquisition or disposal of voting rights X
----
An acquisition or disposal of financial instruments
----
An event changing the breakdown of voting rights
----
Other (please specify) (iii) :
----
3. Details of person subject to the notification obligation (iv)
Name Adonis Pouroulis
City and country of registered office
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name
--------------------------------------------
City and country of registered office
(if applicable)
--------------------------------------------
5. Date on which the threshold was 11.12.2023
crossed or reached (vi) :
--------------------------------------------
6. Date on which issuer notified 05.12.2023
(DD/MM/YYYY):
--------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + of voting rights
to shares (total instruments 8.B) held in issuer
of 8. A) (total of 8.B (8.A + 8.B)
1 + 8.B 2) (vii)
------------------ --------------------- -------------- --------------------
Resulting situation
on the date
on which threshold
was crossed
or reached 14.01 88,322,329
------------------ --------------------- -------------- --------------------
Position of
previous notification
(if
applicable) 13.47
------------------ --------------------- -------------- --------------------
8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights % of voting rights
shares (ix)
ISIN code (if
possible)
Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
---------------------
GG00BD59ZW98 88,322,329 14.01
--------------------- --------------------- -------------------- ----------------
SUBTOTAL 8.
A 88,322,329 14.01
-------------------------------------------- --------------------------------------
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion Period rights that may rights
(x) (xi) be acquired if
the instrument
is
exercised/converted.
----------- ------------------------- -------------------------- ----------------
SUBTOTAL 8. B
1
------------------------- -------------------------- ----------------
B 2: Financial Instruments with similar economic effect according to
DTR5.3.1R (1) (b)
Type of financial Expiration Exercise/ Physical Number of % of voting
instrument date (x) Conversion or cash voting rights rights
Period (xi) Settlement
(xii)
---------------- ---------------- ----------------- ----------------
SUBTOTAL
8.B.2
----------------- ----------------
9. Information in relation to the person subject to the notification
obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is not controlled X
by any natural person or legal entity and does not control any other
undertaking(s) holding directly or indirectly an interest in the
(underlying) issuer (xiii)
Full chain of controlled undertakings through which the voting rights
and/or the
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity (please add additional
rows as necessary) (xiv)
Name (xv) % of voting rights % of voting rights Total of both if
if it equals or through financial it equals or is
is higher than the instruments if it higher than the
notifiable threshold equals or is higher notifiable threshold
than the notifiable
threshold
---------------------- --------------------- ------------------------
10. In case of proxy voting, please identify:
Name of the proxy holder
-----------------------------------------------
The number and % of voting rights
held
-----------------------------------------------
The date until which the voting rights
will be held
-----------------------------------------------
11. Additional information (xvi)
Place of completion Guernsey
Date of completion 05.12.2023
-----------
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and
to the FCA in Microsoft Word format if possible) (i)
1a. Identity of the issuer or the Rainbow Rare Earths Limited
underlying issuer of existing shares
to which voting rights are attached
(ii) :
--------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer (please mark with
an "X" if appropriate)
Non-UK issuer X
----
2. Reason for the notification (please mark the appropriate box or boxes
with an "X")
An acquisition or disposal of voting rights X
----
An acquisition or disposal of financial instruments
----
An event changing the breakdown of voting rights
----
Other (please specify) (iii) :
----
3. Details of person subject to the notification obligation (iv)
Name George Bennett
City and country of registered office
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name
--------------------------------------------
City and country of registered office
(if applicable)
--------------------------------------------
5. Date on which the threshold was 11.12.2023
crossed or reached (vi) :
--------------------------------------------
6. Date on which issuer notified 05.12.2023
(DD/MM/YYYY):
--------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + of voting rights
to shares (total instruments 8.B) held in issuer
of 8. A) (total of 8.B (8.A + 8.B)
1 + 8.B 2) (vii)
------------------ --------------------- -------------- --------------------
Resulting situation
on the date
on which threshold
was crossed
or reached 6.16 38,805,298
------------------ --------------------- -------------- --------------------
Position of
previous notification
(if
applicable) 5.98
------------------ --------------------- -------------- --------------------
8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights % of voting rights
shares (ix)
ISIN code (if
possible)
Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
---------------------
GG00BD59ZW98 38,805,298 6.16
--------------------- --------------------- -------------------- ----------------
SUBTOTAL 8.
A 38,805,298 6.16
-------------------------------------------- --------------------------------------
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion Period rights that may rights
(x) (xi) be acquired if
the instrument
is
exercised/converted.
----------- ------------------------- -------------------------- ----------------
SUBTOTAL 8. B
1
------------------------- -------------------------- ----------------
B 2: Financial Instruments with similar economic effect according to
DTR5.3.1R (1) (b)
Type of financial Expiration Exercise/ Physical Number of % of voting
instrument date (x) Conversion or cash voting rights rights
Period (xi) Settlement
(xii)
---------------- ---------------- ----------------- ----------------
SUBTOTAL
8.B.2
----------------- ----------------
9. Information in relation to the person subject to the notification
obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is not controlled X
by any natural person or legal entity and does not control any other
undertaking(s) holding directly or indirectly an interest in the
(underlying) issuer (xiii)
Full chain of controlled undertakings through which the voting rights
and/or the
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity (please add additional
rows as necessary) (xiv)
Name (xv) % of voting rights % of voting rights Total of both if
if it equals or through financial it equals or is
is higher than the instruments if it higher than the
notifiable threshold equals or is higher notifiable threshold
than the notifiable
threshold
---------------------- --------------------- ------------------------
10. In case of proxy voting, please identify:
Name of the proxy holder
-----------------------------------------------
The number and % of voting rights
held
-----------------------------------------------
The date until which the voting rights
will be held
-----------------------------------------------
11. Additional information (xvi)
Place of completion Guernsey
Date of completion 05.12.2023
-----------
TR-1: S tandard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and
to the FCA in Microsoft Word format if possible) (i)
1a. Identity of the issuer or the Rainbow Rare Earths Limited
underlying issuer of existing shares
to which voting rights are attached
(ii) :
--------------------------------------------
1b. Please indicate if the issuer is a non-UK issuer (please mark with
an "X" if appropriate)
Non-UK issuer X
----
2. Reason for the notification (please mark the appropriate box or boxes
with an "X")
An acquisition or disposal of voting rights
----
An acquisition or disposal of financial instruments
----
An event changing the breakdown of voting rights
----
Other (please specify) (iii) : Dilution from issue of new ordinary X
shares
----
3. Details of person subject to the notification obligation (iv)
Name TechMet Limited
City and country of registered office Dublin, Ireland
(if applicable)
4. Full name of shareholder(s) (if different from 3.) (v)
Name
--------------------------------------------
City and country of registered office
(if applicable)
--------------------------------------------
5. Date on which the threshold was 11.12.2023
crossed or reached (vi) :
--------------------------------------------
6. Date on which issuer notified 05.12.2023
(DD/MM/YYYY):
--------------------------------------------
7. Total positions of person(s) subject to the notification obligation
% of voting % of voting rights Total of both Total number
rights attached through financial in % (8.A + of voting rights
to shares (total instruments 8.B) held in issuer
of 8. A) (total of 8.B (8.A + 8.B)
1 + 8.B 2) (vii)
------------------ --------------------- -------------- --------------------
Resulting situation
on the date
on which threshold
was crossed
or reached 11.93 75,206,112
------------------ --------------------- -------------- --------------------
Position of
previous notification
(if
applicable) 12.04
------------------ --------------------- -------------- --------------------
8. Notified details of the resulting situation on the date on which
the threshold was crossed or reached (viii)
A: Voting rights attached to shares
Class/type of Number of voting rights % of voting rights
shares (ix)
ISIN code (if
possible)
Direct Indirect Direct Indirect
(DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1)
---------------------
GG00BD59ZW98 75,206,112 11.93
--------------------- --------------------- -------------------- ----------------
SUBTOTAL 8.
A 75,206,112 11.93
-------------------------------------------- --------------------------------------
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion Period rights that may rights
(x) (xi) be acquired if
the instrument
is
exercised/converted.
----------- ------------------------- -------------------------- ----------------
SUBTOTAL 8. B
1
------------------------- -------------------------- ----------------
B 2: Financial Instruments with similar economic effect according to
DTR5.3.1R (1) (b)
Type of financial Expiration Exercise/ Physical Number of % of voting
instrument date (x) Conversion or cash voting rights rights
Period (xi) Settlement
(xii)
---------------- ---------------- ----------------- ----------------
SUBTOTAL
8.B.2
----------------- ----------------
9. Information in relation to the person subject to the notification
obligation (please mark the
applicable box with an "X")
Person subject to the notification obligation is not controlled X
by any natural person or legal entity and does not control any other
undertaking(s) holding directly or indirectly an interest in the
(underlying) issuer (xiii)
Full chain of controlled undertakings through which the voting rights
and/or the
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity (please add additional
rows as necessary) (xiv)
Name (xv) % of voting rights % of voting rights Total of both if
if it equals or through financial it equals or is
is higher than the instruments if it higher than the
notifiable threshold equals or is higher notifiable threshold
than the notifiable
threshold
---------------------- --------------------- ------------------------
10. In case of proxy voting, please identify:
Name of the proxy holder
-----------------------------------------------
The number and % of voting rights
held
-----------------------------------------------
The date until which the voting rights
will be held
-----------------------------------------------
11. Additional information (xvi)
Place of completion Ireland
Date of completion 05.12.2023
-----------
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 Adonis Pouroulis
--------------------------- ------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------
a) Position/status Director
--------------------------- ------------------------------------------
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
-----------------------------------------------------------------------
a) Description of the Ordinary shares of no par value
financial instrument,
type of instrument
GG00BD59ZW98
Identification code
--------------------------- ------------------------------------------
b) Nature of the transaction Purchase of shares pursuant to a placing.
--------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.15 4,213,459 - Purchased by
Pella Ventures Ltd
-------------------------
--------------------------- ------------------------------------------
d) Aggregated information
Aggregated volume 4,213,459
* Price GBP632,018.85
--------------------------- ------------------------------------------
e) Date of the transaction 11 December 2023
--------------------------- ------------------------------------------
f) Place of the transaction Outside of a trading venue
--------------------------- ------------------------------------------
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 George Bennett
-------------------------- -------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------
a) Position/status Director
-------------------------- -------------------------------------------
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
-----------------------------------------------------------------------
a) Description of the Ordinary shares of no par value
financial instrument,
type of instrument
GG00BD59ZW98
Identification code
-------------------------- -------------------------------------------
b) Nature of the transaction Purchase of shares pursuant to a placing.
-------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBPNil 1,458,000 - issued further
to exercise of share options
------------------------------
-------------------------- -------------------------------------------
d) Aggregated information
Aggregated volume 1,458,000
* Price GBPNil
-------------------------- -------------------------------------------
e) Date of the transaction 11 December 2023
-------------------------- -------------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------- -------------------------------------------
[1] Net present value using a 10% forward discount rate
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END
IOEEASASESPDFFA
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