TIDMATN
RNS Number : 8639I
Aterian PLC
10 August 2023
10 August 2023
Fundraising of GBP1,000,000
Aterian Plc
(" Aterian " or the " Company")
Aterian Plc (LSE: ATN), the exploration and development company
advancing its portfolio of African-focused critical and strategic
metal assets, announces it has raised gross proceeds of
GBP1,000,000 (before expenses) from Directors, management, existing
shareholders and new investors (the "Fundraise") through the issue
of 100,000,000 new ordinary shares ("New Ordinary Shares") at a
price of 1.00 pence each, which is a premium of 11% to the closing
price of 0.90 pence per Ordinary Share traded on the main market
for listed securities (the "Main Market") of London Stock Exchange
plc (the "LSE") on 9 August 2023.
The Executive Chairman and largest single individual
shareholder, Charles Bray has invested GBP500,000 in the Fundraise
consisting of GBP200,000 of new equity capital and GBP300,000 from
the conversion to equity of a short-term debt utilising a working
capital facility provided to the Company. Luke Rogers, the Aterian
COO has subscribed for 800,000 new Ordinary Shares (GBP8,000).
Simon Rollason, the Aterian Director and CEO Director, has
converted 3 months of salary into 2,500,000 New Ordinary Shares
(GBP25,000).
Charles Bray, Chairman of Aterian, commented:
"We are sincerely grateful to our new and existing investors and
their continued support. This fundraising, at a premium to the
closing share price, provides us with a tremendous amount of
flexibility to pursue our goal of becoming revenue generating and a
leading supplier of responsibly sourced critical minerals. I am
pleased to have the opportunity to increase my personal investment
in our Company, further highlighting my own belief in the business,
its people, our partners, and the ability to help put Africa firmly
on the global energy transition map."
The Fundraise is conditional only on the admission of the New
Ordinary Shares to listing on the Standard Segment of the Official
List ("Standard Listing") of the Financial Conduct Authority (the
"FCA") and to trading on the Main Market of the LSE
("Admission").
For each subscribed New Ordinary Share, investors will receive
newly issued warrants on a one-for-one basis. The warrants are
split into 50% exercisable at 1p any time up to the first
anniversary of Admission, with the remaining 50% exercisable at
1.2p at any time up until the second anniversary of Admission.
Use of Proceeds
This Fundraise provides sufficient funding to meet all existing
and envisaged cash requirements, and the Company intends to use the
net proceeds to fund ongoing exploration in Morocco and Rwanda and
for general working capital purposes.
Concurrently, the Company has been investigating opportunities
to unlock value from existing core and non-core assets. The recent
landmark deal with Rio Tinto Exploration and Mining Ltd, announced
on the 1 August 2023, on one of the projects in Rwanda, is the
first implementation of this strategy.
Admission and Total Voting Rights
Applications will be made to the FCA and the LSE for Admission
of the 100,000,000 New Ordinary Shares. These shares rank pari
passu with the existing ordinary shares of the Company.
On Admission, the Company's issued share capital will comprise
1,089,170,115 Ordinary Shares, with each Ordinary Share carrying
the right to one vote. Accordingly, the total number of voting
rights in the Company will be 1,089,170,115 and this figure may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
- ENDS -
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For further information, please visit the Company's website:
www.aterianplc.com or contact:
Aterian Plc:
Charles Bray, Executive Chairman -
charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Broker:
Novum Securities Limited
David Coffman / George Duxberry
Tel: +44 (0)207 399 9400
Financial PR:
Bald Voodoo - ben@baldvoodoo.com
Ben Kilbey
Tel: +44 (0)7811 209 344
Notes to Editors:
About Aterian plc
www.aterianplc.com
Aterian plc is an LSE-listed exploration and development company
with a diversified African portfolio of critical and strategic
metals/minerals projects.
Aterian plc is actively seeking to acquire and develop new
critical and strategic metal resources to strengthen its existing
asset base, whilst supporting ethical and sustainable supply chains
as the world transitions to a sustainable, renewable future. The
supply of these metals is vital for the development of the
renewable energy, automotive and electronic manufacturing sectors
that are playing an increasing role in reducing carbon emissions
and meeting climate ambitions globally.
The Company recently entered into a joint venture agreement with
Rio Tinto Mining and Exploitation Limited for Rio Tinto to earn
into the HCK project in southern Rwanda and holds two further
partnerships in Rwanda exploring and developing
lithium-tantalum-niobium-tin mining operations. In October 2022,
the Company acquired Aterian Resources Limited, a wholly owned
battery metals-focused subsidiary of Elemental Altus Royalties
Corporation. Aterian currently holds a portfolio of 15
copper-silver and base metal projects with a project area of 762
km(2) in the Kingdom of Morocco.
The Company's strategy is to seek new exploration and production
opportunities across the African continent and to develop new
sources of strategic and critical mineral assets for exploration,
development, and trading.
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END
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