Result of Placing

RNS Number : 2386X
Rainbow Rare Earths Limited
08 August 2018
 

8 August 2018

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN RAINBOW RARE EARTHS LIMITED OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF RAINBOW RARE EARTHS LIMITED.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

FOR IMMEDIATE RELEASE

 

8 August 2018

 

Rainbow Rare Earths Limited
("Rainbow" or the "Company")

 

Result of Placing

 

Further to the announcement made earlier today, Rainbow is pleased to announce a conditional placing (the "Placing") and TechMet Subscription (the "TechMet Subscription") of 13,146,873 new ordinary shares (the "New Ordinary Shares") to raise USD$2 million (before expenses) with new and existing shareholders at an Issue Price of 12 pence per New Ordinary Shares (the "Placing Price"). The Placing Price represents a discount of approximately 3 per cent. to the closing middle market price of 12.38 pence per Existing Ordinary Share on 7 August 2018, the last business day before the announcement of the Placing.

 

Application will be made for the New Ordinary Shares to be admitted to the Official List and to trading with effect from 16 August 2018.

 

Total voting rights

 

Following the issue of the New Ordinary Shares the Company will have 187,907,345 Ordinary Shares in issue.

 

The above figure of 187,907,345 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 and Transparency Rules.

 

Capitalised terms used in this Announcement shall have the meanings given to such terms in the Company's announcement this morning.

 

Participation in the Placing by the Directors/PDMRs

Certain of the Directors/PDMRs have, in aggregate, subscribed for a total of 3,346,874 New Ordinary Shares. The participation of certain of the Directors in the Placing is detailed below.  

Director

 

Number of New Ordinary Shares subscribed for

Holding of Ordinary Shares following subscription

 

Ordinary Share holding as a percentage of enlarged share capital

Adonis Pouroulis

2,496,917

47,848,861

25.46%

Robert Sinclair

291,624

4,262,870

2.27%

Atul Bali

416,667

1,569,105

0.84%

Martin Eales

83,333

2,340,632

1.25%

Jim Wynn

58,333

177,493

0.09%

 

For further information, please contact:

 

Rainbow Rare Earths Ltd

Martin Eales

Tel: +44 (0) 20 3910 4550

Arden Partners plc

Paul Shackleton

Benjamin Cryer

Tel: +44 (0) 20 7614 5900

St Brides Partners Ltd

Lottie Wadham

Susie Geliher

Tel: +44 (0) 20 7236 1177

 

 

The notifications below, made in accordance with the requirement of the Market Abuse Regulation, provide further detail in relation to the Director participation in the Placing.

 

1.  

Details of the person discharging managerial responsibilities / person closely associated

a)  

Name

Adonis Pouroulis

2.  

Reason for the notification

a)  

Position/status

Non-Executive Chairman

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

 

 

GG00BD59ZW98

b)  

Nature of the transaction

Purchase of Shares of No Par Value

c)  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.12

3,330,250

d)  

Aggregated information

 

-     Aggregated volume

-     Price

 

 

 

Single transaction

 

e)  

Date of the transaction

2018-08-08

f)   

Place of the transaction

Outside of a trading venue

 

 

1.  

Details of the person discharging managerial responsibilities / person closely associated

a)  

Name

Robert Sinclair 

2.  

Reason for the notification

a)  

Position/status

Non-Executive Director

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

 

 

GG00BD59ZW98

b)  

Nature of the transaction

Purchase of Shares of No Par Value

c)  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.12

291,624

d)  

Aggregated information

 

-     Aggregated volume

-     Price

 

 

 

Single transaction

 

e)  

Date of the transaction

2018-08-08

f)   

Place of the transaction

Outside of a trading venue

 

 

1.  

Details of the person discharging managerial responsibilities / person closely associated

a)  

Name

Atul Bali  

2.  

Reason for the notification

a)  

Position/status

Non-Executive Director

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

 

 

GG00BD59ZW98

b)  

Nature of the transaction

Purchase of Shares of No Par Value

c)  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.12

416,667

d)  

Aggregated information

 

-     Aggregated volume

-     Price

 

 

 

Single transaction

 

e)  

Date of the transaction

2018-08-08

f)   

Place of the transaction

Outside of a trading venue

 

 

1.  

Details of the person discharging managerial responsibilities / person closely associated

a)  

Name

Martin Eales

2.  

Reason for the notification

a)  

Position/status

CEO

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

 

 

GG00BD59ZW98

b)  

Nature of the transaction

Purchase of Shares of No Par Value

c)  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.12

83,333

d)  

Aggregated information

 

-     Aggregated volume

-     Price

 

 

 

Single transaction

 

e)  

Date of the transaction

2018-08-08

f)   

Place of the transaction

Outside of a trading venue

 

 

1.  

Details of the person discharging managerial responsibilities / person closely associated

a)  

Name

Jim Wynn   

2.  

Reason for the notification

a)  

Position/status

CFO

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

 

 

GG00BD59ZW98

b)  

Nature of the transaction

Purchase of Shares of No Par Value

c)  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.12

58,333

d)  

Aggregated information

 

-     Aggregated volume

-     Price

 

 

 

Single transaction

 

e)  

Date of the transaction

2018-08-08

f)   

Place of the transaction

Outside of a trading venue

 

 


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