Altona Energy said it had extended its fundraising round due to ongoing interest as it continues its development plans for its rare earth elements (REEs) mining portfolio in Africa.
The company said in September 2020 that it aimed to raise up to £500,000 for its REE projects in Uganda and Malawi. (bit.ly/356Hyx5)
Altona announced this week (13 October) that it had set the new fundraising deadline for 11 November 2020.
“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.”