Rainbow Rare Earths raises £11.1m to complete Phalaborwa, Uberaba studies
LSE-listed Rainbow Rare Earths has raised about £11.1-million in a share placement to new strategic investors and certain existing shareholders, with the proceed to allow for the finalisation of a definitive feasibility study at the company's Phalaborwa project, in South Africa, this year, as well as a prefeasibility study at the Uberaba project, in Brazil, in 2027.
"We are delighted to have received support from both an existing strategic shareholder and new high-quality strategic investors. The support of Traxys, a partner to the US government's Project Vault and a leading rare earth trader, underpins Rainbow's strategy to supply critical minerals to the US market.
"All investors see the value of investing in Rainbow and support the company's vision to become one of the highest-margin and lowest-cost producers of rare earths," comments Rainbow CEO George Bennett.
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