Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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http://www.investegate.co.uk/Article.aspx?id=201209250700040197N
Rare Earths Global, a mining services group, has exercised its option to buy up the remaining 39% of Pingyuan Sanxie Rare Earth Smelting from Grace Coast. In July 2010 the company acquired a 60% share in Sanxie, a rare earth separation and refining business. The stake will be acquired by the issue of four million new shares and a further $10m in cash, paid in three installments by September 15th. The total consideration is around $31.06m. The initial tranche will be funded out of the company's internal resources with the subsequent tranches funded out of negotiated facilities.
Simon Ong, Chief Executive Officer of REG, commented: "The acquisition of the remaining 39% of the plant at Sanxie is an important first step in the continued development and expansion of the production capacity of REG. We are pleased to be able to deliver on one of our stated objectives as set out at the time of our Admission to AIM and the Board will continue to pursue its strategy with news to follow on the facility arrangements with Credit Suisse in due course."
Accordingly, application has been made for the 4,000,000 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 25 July 2012. The new ordinary shares will rank pari passu with the existing shares of the Company. Following this allotment, the enlarged issued share capital of the Company will increase to 67,587,681 ordinary shares. Following completion of the transaction REG will own 99% of the Sanxie Plant with the remaining 1% held by a local Chinese partner as required under PRC ownership regulations. Mr. Tong will, following completion of the transaction, be beneficially interested in 4,889,507 ordinary shares in REG representing 7.23% of the enlarged issued share capital of the Company.
Acquisition of remaining 39% stake in Sanxie Separation Plant Rare Earths Global Limited (AIM: REG), a leading mining services group focused on the extraction, separation, refinement and trading of rare earth elements, oxides and other related products, is pleased to announce that it has exercised its call option to acquire the remaining 39% of Pingyuan Sanxie Rare Earth Smelting Co Ltd ("Sanxie Plant") from Grace Coast Limited ("Grace Coast") a company wholly owned by Mr. Tong Man Tak. The Sanxie Plant is the rare earth separation and refining business of the Company which was established in 1994 and is principally engaged in the business of separating, refining and producing single rare earth elements, rare earth oxides, rare earth concentrates, rare earth metals and other rare earth products for sale on both the domestic and international markets. In July 2010 the Company acquired a 60% share in the Sanxie Plant and at the time of Admission on AIM in March this year one of its stated objectives was to exercise the option to acquire the outstanding 39% owned by Grace Coast. The 39% of the Sanxie Plant will be acquired by the issue of 4,000,000 new ordinary shares in REG and a further US$10.0 million in cash which shall be paid in three tranches, US$3.0 million up on signing of the agreement, a further US$3.0 million on or before 15 August 2012 and a final tranche of US$4,000,000 on or before 15 September 2012. The total consideration being paid by REG for the 39% of the Sanxie Plant (based on the closing middle market price of an ordinary share in REG on 18 July 2012, being 337.5 pence per share) is approximately US$31.06 million. The initial tranche will be funded out of the Company's internal resources with the subsequent tranches funded out of negotiated facilities. For the year ended 31 December 2011 the profit attributable to the 39% stake of the Sanxie Plant was RMB19,570,000 (US c.$3.07 million). In addition, Grace Coast has agreed to a twelve month lock-in of the 4,000,000 new ordinary shares being issued to them as consideration from the date of completion of the transaction.
http://www.investegate.co.uk/Article.aspx?id=201207190730020208I
I doubt anyone on this forum will ever forgot the meteoric rise and subsequent catastrophic plummet of this stock. It was an exciting an memorable roller coaster. I reckon riddler has just about covered off everything sensible to say about this stock. Well done to those who sold at the top and bad luck to those who bought. I am Buchaneer, a lonesome soul from Cas-Vegas.
No I knew this would be a dump share after a huge jump to 12. now at 316 and could go lower.
just the one trade - reg bit 12 something and proceded to fall rapidly away , i lost interest to follow reg when it fell to 5s. COL IN DUBAI A U SUGGESTING A BIG BOUNCE TO 12s again ??
Fools and their money are putting their savings into here again due to articles written speculating on the rise of rare earth metals. watch thos be a pump and dump share again.
WOW, what a rollercoaster this stock has been. Boom and bust in just one short month. We'll all be taking about this one in years to come and, who knows, it might just boom again. Good luck to those who remain in.
who will be the first ones to be tricked into investing in rare space minerals???? no doubt AIM will have a few new companies trying to con investors with that one. this share has more to loose, will never get back to 12
just looked at the sp chart and noticed it was friday 13th when it rose to 1200, bit of a coincidence lol
how many more aim listed companies will come up with part of their name "Rare Earth" ? All just hype with plans to Pump and Dump. Just look at REM.
Wow, I seen this share exploding last week, making incredible gains considering the SP. I hope not too many people were burned here.
So.... what's the long term plan here chaps? im not in here, was close at one point to buying but bottled it last minute,glad i did though!. could this be a good time to buy in? or is this dead and done for? any thoughts would be good best wishes to all
• Interest in admission to AIM remains strong amongst Chinese companies and their advisers despite the continuing caution of investors. Potential new AIM admissions from China are continuing to seek to attract Asian based investors.
GLR is like REG nothing is to be taken as done with these rare earth companies. Many do fail, you know.
No I am not in REG. I was afraid to even try to buy. But I do know that many did buy and they must be feeling a little lost at the moment. The next step is not very clear. hence my post.
I do know and said so from the very begining that this share was risky, but do you have to rub it in ?
Just look at the company REM and how we lost a fortune on companies playing mind games with rare metals. Just like buying land on the moon. buyer/investor beware.
not sure if you have L2, but me thinks next levels are 975 ,950, 900 etc, any views