Rainbow Rare Earths Ltd. announced the initial completion of the transaction to acquire the Phalaborwa Rare Earths Project following the conclusion of the due diligence process under the Co-Development Agreement signed with Bosveld Phosphates (Pty) Ltd. As detailed in the Company's announcement of 3 November 2020, the Initial consideration payable upon completion is USD 0.25 million, with two additional tranches of equal amounts paid over the next twelve months in cash or shares.