31 May
2019
Altona Energy
plc
("Altona" or the "Company")
Update on
Convertible Loan Note
Altona (NEX: ANR.PL), a mining investment company with
significant coal resources in Australia, announces that its joint venture
partner, Sino-Aus Energy Group Ltd (“Sino-Aus”) has not been
granted the Chinese government permit, allowing it to transfer
funds out of China, in order to
satisfy the 90 day subscription terms of the convertible loan note
it entered into on 30 January
2019.
Sino-Aus has reported that the conditions set by the Chinese
government to grant such a permit, have tightened in the past 18
months, but that it is willing to reapply for the permit at a later
date, as it remains a strong supporter of Altona’s strategy.
In the meantime, the Company is considering a number of
alternative funding options to provide it with the capital it needs
to execute its 2019 business objectives, including its mining
assets is South Australia and the
potential investment into an operational Chinese vanadium mining
company.
-ends-
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy
plc
Qinfu Zhang, Executive Director |
+44 (0) 7795 168 157 |
Alfred Henry
Corporate Finance Ltd (NEX Corporate Adviser)
Jon Isaacs / Nick Michaels |
+44 (0) 20 3772 0021 |
|
|
Leander (Financial
PR)
Christian Taylor- Wilkinson
|
+44 (0) 7795 168 157 |
Company Information
Altona is an exploration company focused on the evaluation and
development of its significant coal resource exceeding 7 billion
tonnes (1.3 billion tonnes historic JORC compliant) in the northern
portion of the Permian Arckaringa Basin in South Australia. Through its wholly
owned Australian subsidiary Arckaringa Energy Pty Ltd, Altona holds
a 100% interest in three exploration licences covering 1,944 sq.
kms in the northern portion of the Permian Arckaringa Basin in
South Australia including three
coal deposits – Westfield (EL5676), Wintinna (EL5677) and
Murloocoppie (EL5678). All three deposits lie close to the
Adelaide to Darwin railroad and
the Stuart Highway.
The Company was admitted to trading on AIM on 10 March 2005. A copy of its admission
documents dated 4 March 2005 can be
accessed on its website, www.altonaenergy.com. This website
is where items can be inspected under Rule 75 of the NEX Rules for
Issuers, from 1 February 2019.