Last checked at 28 Jun 2017 16:30
FOR IMMEDIATE RELEASE
28 June 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 senior management on 27 June 2017 under its existing share option plan:
Name | Position | Options Granted | Exercise Price |
Braam Jankowitz | Project Manager | 1,500,000 | 12.75p |
Jim Wynn | CFO | 1,500,000 | 12.75p |
The exercise price of the options was set at the closing mid-price on 27 June 2017. 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. The exercise of the options will be subject to satisfaction of performance conditions.
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
| Braam Jankowitz | ||||
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. Jankowitz holds 1,500,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
Aggregated volume
- Price
|
1,500,000
n/a | ||||
e) | Date of the transaction
| 27 June 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) | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated
| |||||
a) | Name
| Jim Wynn | ||||
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
GG00BD59ZW98
| ||||
b) | Nature of the transaction
| Award of option to purchase ordinary shares of the Company. Following the transaction, Mr Wynn holds 1,500,000 options to purchase ordinary shares. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
-Aggregated volume
- Price
|
1,500,000
n/a | ||||
e) | Date of the transaction
| 27 June 2017 | ||||
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.