10 September
2021
ALTONA RARE EARTHS PLC
(“Altona” or “the Company”)
COMPLETION OF
PLACING TO RAISE £1.25 MILLION
Altona (AQSE: ANR), a Rare Earths mining company focused on the
evaluation and development of projects in Africa, announces it has raised, via a
significantly over-subscribed placing, £1.25 million (before
expenses) at a premium to the current share price.
The Company will issue a total of 8,842,820 new ordinary shares
at an issue price of 14 pence per
share, a 7% premium to the closing share price on 9 September 2021. The Company will also issue
83,333 new ordinary shares at 12
pence in lieu of fees to a service provider. The Company is
issuing 4,511,078 warrants, on a basis of one warrant for every two
shares purchased, with a strike price of 20
pence and an expiry date of 31 March
2023. This figure also includes 48,000 warrants, under the
same conditions, issued to Optiva Securities as part of its fee in
acting as broker to the Placing. 557,144 new shares, relating to
subscriptions of four investors who have been allowed to defer
payment until 8 October 2021, have
not been issued at this time. Therefore, a total of 8,369,009 new
ordinary shares has been issued.
BUSINESS UPDATE
The Company commenced groundwork operations at its Monte Muambe
Project in Northwest Mozambique on
31 August, ahead of schedule, with the Project Manager and his team
now in-situ. Exploration drilling is expected to commence before
the end of September, in-line with strategy.
Finally, the Company is in the final phase of its application
for a listing on the London Stock Exchange, Standard segment and
will provide a further update when an admission date is known.
Christian Taylor-Wilkinson,
Chief Executive of Altona, commented, “Demand for this placing
significantly exceeded our expectations. These additional funds
will enable us to both accelerate and expand our activities, to
find and develop valuable rare earth mining assets in Africa, of which we already have one underway
and several others under consideration.”
Admission and Total Voting Rights
Following this issue of 8,369,009 Shares, which will
rank pari passu with the Company's existing
Ordinary Shares, the Company’s enlarged share capital and total
voting rights in the Company will comprise 30,034,999. The Company
has no shares held in Treasury. This figure of 30,034,999
ordinary shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA’s
Disclosure and Transparency Rules.
-ends-
For further information, please visit www.altonaRE.com or
contact:
Altona Rare Earths Plc
Christian Taylor-Wilkinson, Chief
Executive
+44 (0) 7795 168 157
Martin Wood, Non-Executive
Chairman
+44 (0) 7880 787 080
Optiva Securities (Broker)
Hal
Norwood
+44 (0) 20 3411 1882
Alfred Henry Corporate Finance Ltd (AQSE Corporate
Adviser )
Jon Isaacs / Nick
Michaels
+44 (0) 20 3772 0021
Company Information
Altona Rare Earths Plc is a mining exploration company focused
on the evaluation, development and extraction of Rare Earth Element
(REE) metals in Africa. It acquired its first rare earths
mining asset, the Monte Muambe Project in northwest Mozambique in June
2021.
The Company was admitted to trading on AIM on 10 March 2005 and was subsequently admitted to
Aquis Stock Exchange 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.