Mourant Ozannes' Guernsey corporate team has advised on the successful admission to trading by way of placing of Rainbow Rare Earths, an East African mining company, on the Main Market of the London Stock Exchange.
Rainbow Rare Earths, incorporated and registered in Guernsey and administered by Artemis Trustees, is a mining company engaged in the exploration and development of the Gakara Project, a rare earth deposit in Burundi, East Africa.
On admission, Rainbow Rare Earths has a market capitalisation of approximately £15.2 million. The funds raised will capitalise the Gakara Project through trial mining and into production in 2017.
Mourant Ozannes Partner Helen Wyatt led the team advising on the Guernsey aspects of the placing, assisted by Corporate Senior Associate Dylan Latimer. Memery Crystal acted as UK counsel.