London-listed Rainbow Rare Earths has conditionally agreed to issue 30-million new ordinary shares in the company, each with no par value, at a price of 15p an ordinary share. This issuance is expected to raise gross proceeds of £4.5-million. The placing price of 15p an ordinary share represents a 3.2% discount to the closing mid-market share price of 15.5p an ordinary share on September 26.
London-listed Rainbow Rare Earths has conditionally agreed to issue 30-million new ordinary shares in the company, each with no par value, at a price of 15p an ordinary share. This issuance is expected to raise gross proceeds of £4.5-million.
In addition to the $1.3-million cash balance as of August 31, the placing proceeds will cover Rainbow's financing requirements beyond the end of the first quarter of next year. Of the 30-million ordinary shares issued as part of this placing, the ordinary shares allocated to Pella Ventures are subject to approval by shareholders at the annual general meeting scheduled for November.
As a result, the company requires additional financing to complete the workstreams necessary to advance the project to a definitive feasibility study , with the publication expected in the first half of next year. First production of mixed rare earth sulphate at the Phalaborwa front-end pilot plant was announced on September 5, validating Rainbow's successful development of a process flow sheet to recover rare earths from phosphogypsum.
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