ANR Altona

This announcement is for information purposes only and does not constitute an offer for subscription for any securities in the Company. This announcement does not constitute or contain any invitation, solicitation recommendation, offer or advice to any person to subscribe for or acquire any securities of the Company in any jurisdiction where to do so would breach any applicable law or regulation.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”).  Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Embargoed until 7am                                                                        24 September 2020

ALTONA ENERGY PLC

(“Altona” or “the Company”)

LAUNCH OF FUND RAISE

TO RAISE UP TO £500,000

Altona (AQSE: ANR.PL), a mining exploration company with a new strategic focus on Rare Earth Element (“REE”) mining projects in Africa, announces that it is looking to raise up to £500,000 at a price of 6.5 pence per share, representing a discount of 32% to the current suspended share price of 9.5 pence. The Company will also issue warrants at 12 pence, with one warrant being issued for every two Altona Ordinary Shares subscribed for. The fund raise is being hosted on NR Private Market, the innovative private investment platform for the mining sector.

The fund raise is open to existing shareholders and non-shareholders alike and, to participate in the fund raise and for detailed information on Altona Energy and its Rare Earth strategy, please visit: https://www.nrprivatemarket.com/. The capital raising event commences at 8am, Thursday 24 September and will run, initially, until 5pm, Thursday 15 October, a period of 21 days. On Tuesday 13 October, the Company, along with NR Private Market, will decide if an extension of seven days is needed.

NR Private Market offers “Sophisticated” and “High Net Worth” private investors access to pre-vetted mining deals, allowing them to participate in capital raising events, from which they would normally be excluded, due to regulatory status.

USE OF PROCEEDS

As announced on 4 September and 21 September, the Company has signed Heads of Agreement with two African mining companies, to acquire a majority stake in two Rare Earth Element Projects, one in Malawi and the second in Uganda. Further, the Company is waiting to finalise Heads of Terms on two further African REE mining projects, in which it is in advanced negotiations in respect of acquiring majority stakes.

Each of these projects have been evaluated and the cost of initial exploration (Phase 1) calculated. In some cases, extensive exploration work has already been carried out and the Company will, therefore, need to conduct limited exploratory test drilling and core sampling to establish whether a further fund raise is needed to produce a full Resource Estimate at each site during 2021.

Altona’s immediate working capital requirements (mainly its PLC costs), having been significantly reduced over the past two years, will also be met out of this current round of funding. A second round of funding will be needed within six months to continue exploration and to help the Company in its proposed transition to the London Stock Exchange Standard Market, should this remain the most suitable option to raise further funds.

Christian Taylor-Wilkinson, Interim CEO of Altona, commented, “Following six months of diligent work by the team at Altona, we are in position to raise capital to begin exploration work on the rare earth mining projects we have agreed to acquire. Part of the initial process will be to conduct further due diligence into the companies we are acquiring and the assets we will own. We expect this process to take a further 60 days and the cash we hope to raise will be a key part of this process. Although still early days for our new strategy, the board is confident it has found the right sector and most suitable projects to begin delivering positive results to shareholders.”

Rich Lloyd, CEO of Minexia Ltd, commented, “We are pleased to welcome Altona Energy to the fundraising platform within www.nrprivatemaket.com. Altona has been building its presence and profile awareness in the “Investor Lounge” for some weeks and are now ready to advance to capital raising. This will be our 7^th mining capital raise since launching the platform in April 2019, and I am pleased to say our first exclusive mandate. Altona is a prime example of a quality team with a strong vision and geologically sound assets which are being investigated and advanced with the proceeds of the raise. Our aim at Minexia, through the platform, is to link these early stage and progressive companies with Investors often at a private, pre-IPO or relisting stage. Altona has passed Minexia’s internal vetting process and we look forward to working closely with the Company as it grows. As with all our deals, constant news updates and developments will be posted on the Company profile.”

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For further information, please visit www.altonaenergy.com or contact:

Company Information

Altona is a mining exploration company focused on the evaluation, development and extraction of Rare Earth Element (REE) metals. 

The Company was admitted to trading on AIM on 10 March 2005 and was subsequently admitted to Aquis Stock Exchange (previously NEX) on 1 February 2019.  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 Aquis Rules for Issuers, from 1 February 2019.

Information on Minexia and NR Private Markets

Minexia is a fin-tech business which has been in development for c.4years and launched its investment platform, NR Private Market in Q1 2019, which allows private investors ('Sophisticated' or 'High Net Worth') to access a pipeline of high quality, pre-screened, advanced exploration and or early stage development mining projects. The platform has successfully closed six deals (total value c. £10M) to date and has secured a dozen platform partners and 6,000+ active platform users.