Rainbow Rare Earths Ltd - South Africa and east Africa-focused producer of rare earth oxides - Signs a deal with Bosveld Phosphates Ltd, permitting 100% ownership of the Phalaborwa Project in South Africa. Rainbow says it will get an immediate 85% interest in the unincorporated joint venture that holds the rights to Phalaborwa, with Bosveld holding the remaining 15%. Says it will pay Bosveld USD5.0 million in cash in July under the terms of the deal. Additionally, Rainbow says under the deal, it is being granted a call option to buy the remaining 15% of the JV owned by Bosveld, in return for USD7.0 million of equity in Rainbow. This could happen at any time from October 31 to December 31, 2025. Says shares issued according to the call option will be subject to a 24-month lock-up.
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