Guernsey-incorporated and registered company Rainbow Rare Earths Limited has been listed on the Main Market of the London Stock Exchange (LSE).
The East African mining company - engaged in the exploration and development of the Gakara Project, a rare earth deposit in Burundi, East Africa - was listed on Monday 30 January with a market cap of approximately £15.2m on admission. The funds raised will capitalise the Gakara Project through trial mining and into production in 2017.
The Gakara Rare Earth Project is located in the Bujumbura province of Western Burundi, which consists of a Mining Licence and Exploration Licence. The project is located approximately 20km south-southeast of Bujumbura and covers a combined area of approximately 135km².
Rainbow has a 90% interest in the Gakara Project with a non-dilutable 10% owned by the State. The mining licence was granted in March 2015 and is valid for 25 years - and is renewable thereafter.
Mourant Ozannes' Guernsey corporate team advised on the successful admission to trading. The team was led by Partner Helen Wyatt, assisted by corporate Senior Administrator Dylan Latime. UK counsel was Memery Crystal. Rainbow Rare Earths is administered by Guernsey-based Artemis Trustees Limited.
Ms Wyatt said: "We are very pleased to have been able to assist Rainbow Rare Earths with this successful placing which was oversubscribed. The transaction involved complex structuring issues and a demanding timeframe."
The Rainbow Rare Earths launch onto the LSE follows the successful admission of NewRiver Retail Limited onto the LSE Main Market in August 2016, which Mourant Ozannes also advised on.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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