Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) said the first tranche of 25,786,541 shares from its £4.5 million private placement last month has been admitted for trading.
This included 4,213,459 shares due to be issued to non-executive chairman Adonis Pouroulis, which remains subject to the approval of shareholders at the annual meeting to be held in November.
The relative size of Pouroulis' and chief executive George Bennet's stakes will decrease as a result of the first tranche being issued, but revert when the second is completed.