Altona Energy Plc - Update on Fund Raise
PR Newswire
London, October 12
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.
13 October 2020
ALTONA ENERGY PLC
("Altona" or "the Company")
EXTENSION OF FUND RAISE
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 has agreed to extend the current fund raise until Wednesday 11 November 2020, due to ongoing investor interest.
As announced on 24 September, the Company 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, with an expiration date of 30 March 2023.
The fund raise is being hosted on NR Private Market (https://www.nrprivatemarket.com), the innovative private investment platform for sophisticated and high net worth investors, and is open to all existing shareholders and non-holders.
The capital will be used primarily to commence an initial exploration drilling programme on two of the African Rare Earth projects the Company is in the process of acquiring. These acquisitions will be paid for using Altona ordinary shares, thereby freeing up cash for operational activities. The funds will also be used to complete final legal due diligence on the acquisitions and for working capital purposes. The Company is expectant that it will shortly be in position to acquire a third Rare Earth mining project, also in Africa, in which it is in advanced negotiations with the current owner.
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For further information, please visit www.altonaenergy.com or contact:
| Altona Energy plc Christian Taylor-Wilkinson, Interim CEO Philip Sutherland, Non-Executive Director | +44 (0) 7795 168 157 +61 (0)402 440 339 |
| Alfred Henry Corporate Finance Ltd (Aquis Corporate Adviser) Jon Isaacs / Nick Michaels | +44 (0) 20 3772 0021 |
| Leander (Financial PR) | +44 (0) 7795 168 157 |
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 four years 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.
