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TRADING UPDATES: Rainbow Rare Earths raises GBP7.5 million in placing

9th May 2023 14:45

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:


Oracle Power PLC - Cambridge, England-based power and natural resource project developer - Signs a farm-out deal with Riversgold Ltd for its Northern Zone Gold Project. Says Riversgold will pay AUD50,000, and commit at least AUD 600,000 in exploration expenditure over the next two years, with the right to earn up to 80% beneficial interest. "I am extremely pleased to have signed this deal with Riversgold, which is well funded and has a strong presence in Western Australia, with complementary gold projects nearby at Kurnalpi...Riversgold plans to be on the ground quickly and is, overall, very well placed to generate value for Oracle's shareholders," Chief Executive Naheed Memon says.


Contango Holdings PLC - natural resource development company with operations in Africa - Completes grade control drilling at Lubu project in Zimbabwe. Says it has also completed a pollution control dam and removed overburden to allow access to the targeted coking coal seam. Adds that it has connected its power supply to site infrastructure, including its wash plant and laboratories. Say it will connect its 600 tonnes-per-hour screen to the wash plant this week, which is the last part of installation required before production can begin.


Rainbow Rare Earths Ltd - Guernsey-based mining company focused on South Africa and Burundi - Raises GBP7.5 million through the private issue of 72.5 million new shares at 10.38 pence per share. Says it received GBP5.5 million from existing shareholder TechMet Ltd, as well as GBP790,000 from another shareholder Pella Ventures Ltd and GBP1.2 million from other investors, including GBP280,000 from Rainbow's board of directors. Says the funds will finance operations at it Phalaborwa pilot plant, the finalisation of its feasibility study and for general working capital. "The funds raised will provide funding beyond the end of Q1 2024, thereby ensuring the delivery and operation of the Phalaborwa pilot plant and the production of the first separated rare earth oxides for testing and marketing purposes in off-take agreements with potential partners, as well as delivering the completion of the project definitive feasibility study," comments Chief Executive George Bennett.


Anglo-Eastern Plantations PLC - producer of palm oil and rubber across Indonesia and Malaysia - Says it expects delays in commercial operations after four employees were killed in an incident at its HPP Mill in Indonesia. Says the employees died in an explosion during final trials and tests of the Anaerobic Tank digester. The mill was expected to be completed in the first half of 2023. Says it expects a delay in completion of the new mill of around six months. "AEP conveys its profound sadness and condolences to the families of those who lost their lives in the incident and will endeavour to support the families following the tragic events. The affected area is now cordoned off by the police who will conduct an investigation into the cause of the explosion," the company says.


By Harvey Dorset, Alliance News reporter

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