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Rainbow Rare Earths CEO George Bennetttells Proactive's Stephen Gunnion that a £7.52mln privateplacement at a signifiant premium to Friday's closing price shouldbe seen as a vote of confidence in the company and its rare earthsproject in Phalaborwa, South Africa.
Shareholders showed strong support, with cornerstone investorTechMet contributing £5.54mln to the placement following a rigorousindependent technical and ESG due diligence process. The funds will beused to complete and operate the pilot plant, where a unique processutilizing tried and tested equipment will extract rareearths.
The cash injection will also support the completion ofthe definitive feasibility study, targeting Q1 2024. The fundingextends Rainbow's runway into Q2 2024.
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