Last checked at 30 Mar 2017 07:00
FOR IMMEDIATE RELEASE
30 March 2017
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company')
Appointment of Independent Non-Executive Director
Rainbow, the rare earth element mining company, is pleased to announce the appointment of Atul Bali as an Independent Non-Executive Director.
Atul Bali, aged 45, is a corporate CEO with extensive experience in tech, government contracting and regulated industries operating on all six continents. Over more than 20 years he has led more than 50 M&A and JV transactions in more than 25 countries and both managed and served on the boards of several highly regulated businesses. Currently he serves as Deputy Chairman of Gaming Realms Plc, a mobile games publisher, and as Chairman of Meridian Gaming, regulated and operating in more than 30 countries, with a large footprint in Africa, Central and South America and Central and Eastern Europe. He has previously held divisional CEO or President positions with IGT (NYSE), Aristocrat (ASX), and Real Networks (NASDAQ), as well as a venture capital firm. He previously trained as a Chartered Accountant with KPMG in the UK.
Adonis Pouroulis, Non-Executive Chairman of Rainbow, commented: "It is a pleasure to welcome Atul to the Board and his appointment as an Independent Non-Executive Director also increases the level of Rainbow's corporate governance. Atul will bring a very different but complementary viewpoint to our Board discussions based on his wide experience within other companies around the world."
Atul holds or has held the following Directorships of publicly quoted companies in the last five years:
Current | Previous |
Gaming Realms Plc | None |
There are no further details in relation to this new director which require disclosure pursuant to paragraph 9.6.13 of the Listing Rules of the Financial Conduct Authority.
**ENDS**
For further information, please contact:
Rainbow Rare Earths Ltd | Martin Eales | Tel: +44 (0) 20 7494 8206 |
St Brides Partners Ltd | Lottie Brocklehurst Susie Geliher | Tel: +44 (0) 20 7236 1177 |
Notes to Editors
Rainbow's focus is the Gakara Project in Burundi, one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally. The Company has raised US$8 million to fast-track the fully permitted Gakara Project to production ahead of targeted first sales of concentrate by the end of 2017. Rainbow has a ten-year distribution and offtake agreement with multinational tk Raw Materials secured for the sale of at least 5,000 tpa of concentrate produced. The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand accounting for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines and electric vehicles.