Issue of Share Options

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/ Amendment	Initial Notification
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 financial instrument, type of instrument Identification code	Ordinary shares of no par value each 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) £0.15 1,600,000
d)	Aggregated information Aggregated volume - Price	1,600,000 £0.15
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/ Amendment	Initial Notification
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 financial instrument, type of instrument Identification code	Ordinary shares of no par value each 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) £0.15 900,000
d)	Aggregated information Aggregated volume - Price	900,000 £0.15
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 Earths Ltd	Company	George Bennett Pete Gardner	[phone]
SP Angel Corporate Finance LLP	Broker	Ewan Leggat Charlie Bouverat	[phone]
Tavistock Communications Limited	PR/IR	Charles Vivian Tara Vivian-Neal	[phone] [e-mail]

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.

 

END

 

 

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