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24 Aug 2017 10:47
FOR IMMEDIATE RELEASE
24 August 2017
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company')
Grant of Share Options
Rainbow, the rare earth element mining company, announces the following grant of options to Non-Executive Directors on 23 August 2017 under its existing share option plan:
Name | Position | Options Granted | Exercise Price |
Adonis Pouroulis | Chairman | 500,000 | 15.00p |
Atul Bali | Non-Executive Director | 500,000 | 15.00p |
Alex Lowrie | Non-Executive Director | 500,000 | 15.00p |
Shawn McCormick | Non-Executive Director | 500,000 | 15.00p |
Robert Sinclair | Non-Executive Director | 500,000 | 15.00p |
The exercise price has been set at a significant premium to the current market price and existing options, demonstrating the Board's strong belief in the future growth of the Company. The options will vest in three equal tranches: one third upon grant, one-third on the first anniversary of grant and one-third on the second anniversary of grant.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Adonis Pouroulis | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| PDMR | ||||
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 each
GG00BD59ZW98
| ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Pouroulis holds 902,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
n/a | ||||
e) | Date of the transaction
| 23 August 2017 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Atul Bali | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| PDMR | ||||
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 each
GG00BD59ZW98
| ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Bali holds 500,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
n/a | ||||
e) | Date of the transaction
| 23 August 2017 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Alex Lowrie | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| PDMR | ||||
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 each
GG00BD59ZW98
| ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Lowrie holds 500,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
n/a | ||||
e) | Date of the transaction
| 23 August 2017 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Shawn McCormick | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| PDMR | ||||
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 each
GG00BD59ZW98
| ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. McCormick holds 850,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
n/a | ||||
e) | Date of the transaction
| 23 August 2017 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Robert Sinclair | ||||
2 | Reason for the notification
| |||||
a) | Position/status
| PDMR | ||||
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 each
GG00BD59ZW98
| ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr. Sinclair holds 850,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
500,000
n/a | ||||
e) | Date of the transaction
| 23 August 2017 Note: the Company is not considered in a close period at the time of this transaction.
| ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
**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. In January 2017, the Company 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 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.
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