Last checked at 22 Dec 2017 10:47
22 December 2017 | LSE: RBW |
Rainbow Rare Earths Limited
("the Company" or "the Group")
Notification and public disclosure of transactions by PDMR
and persons closely associated with them
Rainbow was notified today that Martin Eales, CEO, had purchased 179,000 ordinary shares of the Company at a price of 13.99p. Martin Eales now has a beneficial interest in 2,257,299 ordinary shares, representing 1.29% of the total issued share capital.
For further information, please visit http://rainbowrareearths.com or contact:
Rainbow Rare Earths Ltd | Martin Eales | Tel: +44 (0) 20 3910 4550 |
St Brides Partners Ltd | Lottie Wadham Susie Geliher | Tel: +44 (0) 20 7236 1177 |
Arden Partners plc | William Vandyk Benjamin Cryer | Tel: +44 (0) 20 7614 5900 |
Hannam & Partners (Advisory) LLP | Neil Passmore Ben Newman-Sanders | Tel: +44 (0) 20 7907 8500 |
a)
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) |
| 0.1399 | 179,000 | ||
d) | Aggregated information
- Aggregated volume - Price
|
179,000 £25,053.60 | |
e) | Date of the transaction | 2017-12-22 | |
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) | |
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 raised US$8 million in January 2017 to fast-track the fully permitted Gakara Project to production ahead of targeted first production and sales of concentrate by the end of 2017, which has now been achieved. Rainbow has a ten-year distribution and offtake agreement with multinational thyssenkrupp 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 and account for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines, and electric vehicles.