ALTONA RARE EARTHS
PLC
("Altona"
or "the Company")
FUNDRAISE
UPDATE
BOTSWANA COPPER LICENCE
ACQUISITION UPDATE
Altona (LSE: REE), a resource
exploration and development company focused on critical raw
materials in Africa, today announces
that further to the announcement on 28 June 2024, it has received
an additional £4,000 Subscription from an existing shareholder
("Further Subscription Shares").
The Company has therefore
conditionally raised £394,000 in aggregate through a subscription
of 39,400,000 new ordinary shares of 1 pence each (the "Shares") in
the Company (the "Subscription").
This brings the total amount raised
to £1,294,000 ("Fundraise"), of which £394,000 is equity and
£900,000 is in debt facilities.
The Company will also issue a
further 375,000 new Shares ("Creditor Shares") to satisfy an
existing creditor to the value of £3,750. This brings the total
Shares issued to other creditors to 1,306,791 new Shares to satisfy
existing creditors to the value of £24,236.
The total number of Shares to be
issued pursuant to the Fundraise, conversion of existing
Convertible Loan Notes and payment of fees and settlement of
creditors is 76,248,759.
The issue of the Subscription Shares
(including the Additional Subscription Shares) and the Creditor
Shares is subject to the publication of a Financial Conduct
Authority approved prospectus, which the Company is working with
its advisers to complete as soon as possible.
Botswana copper licence acquisition update
Further to the Company's
announcement of 9 April 2024, the Company and Ignate African
Minerals Ltd have agreed to extend the exclusivity period of the
option agreement until 17 July 2024.
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).
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-ends-
Altona Rare Earths Plc
Cédric Simonet,
CEO
+44 (0) 7778 866 108
Louise Adrian,
CFO
+44 (0) 7721 492 922
Novum Securities Ltd (Corporate
Finance)
+44 (0) 20 7399 9400
David
Coffman
Daniel Harris
Allenby Capital Ltd (Joint Broker)
+44 (0)20 3328 5656
Kelly Gardiner / Guy McDougall
(Sales)
Nick Athanas (Corporate
Finance)
Optiva Securities (Joint
Broker)
+44 (0) 20 3411 1882
Daniel
Ingram
About Altona Rare Earths Plc
Altona is a resource exploration and
development company focused on critical raw materials in Africa.
The Company is listed on the Main Market of the London Stock
Exchange with the ticker "REE". Rare Earths are a group of 17
chemical elements, many of which are critical to the World's
ongoing transition from carbon-based to renewable energies, and to
the defence and communication sectors.
The Company is currently developing
Monte Muambe, its flagship Magnet Rare Earths Project, located in
Northwest Mozambique. The Project was acquired in June 2021, and
the Company has so far drilled over 7,800m, and defined a maiden
JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO.
A Competent Person Report including the Scoping Study for Monte
Muambe was published on 18 October 2023. The Project is now at
Prefeasibility Study stage, with a focus on metallurgical testing
and process.
Altona is presently diversifying its
portfolio by acquiring a limited number of critical raw material
projects to complement Monte Muambe. The acquisition of the Kabompo
South copper project in Zambia and of the Sesana copper-silver
project in Botswana represents the first steps towards the
implementation of this expanded strategy.