Altona Energy Plc - Update on Convertible Loan Note
PR Newswire
London, May 31
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.
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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.
