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Rainbow, Ecora complete royalty agreement transaction

An image showing mine gypsum stacks at Rainbow Rare Earth's Phalaborwa project

Phalaborwa mine gypsum stacks

25th September 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Dual-listed Rainbow Rare Earths says all conditions precedent required for the payment of the $8.5-million royalty consideration by Ecora Resources have been met and the funds, net of $229 000 transaction costs, have been received by Rainbow.

In July, Rainbow entered into a royalty financing and share subscription agreement with Ecora.

The associated share subscription completed in July delivered an additional about $1.5-million to Rainbow, for a total gross funding of $10-million.

As previously announced, the funds will be used to deliver the completion of the definitive feasibility study on the Phalaborwa rare earths project, in South Africa, and to cover all other company financing requirements up to June 2025.

In a separate statement, Ecora says the acquisition of a 0.85% gross revenue royalty over the Phalaborwa project provides it with exposure to the rare earth elements required in permanent magnets used in wind turbines and electric engines. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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