Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) said it allotted 2.0mln new shares at 5.28p per share to the Australian Special Opportunity Fund LP after the fund exercised its final tranche of share options in the rare earths group.
Dealings in the new shares are expected to start on 14 November on the London Stock Exchange’s main market.
Rainbow’s projects include Phalaborwa in South Africa and the high-grade Gakara in Burundi.
Rainbow, which is focused on producing critical rare earth oxides required to drive the green energy transition, recently published a preliminary economic assessment for its Phalaborwa project indicating a net present value of US$627mln, or US$1bn at current rare earth prices.
READ: Rainbow Rare Earths posts robust PEA for Phalaborwa, showing annual revenues of over US$250mln