Altona Rare Earths plc today published a Financial Conduct Authority approved prospectus and issued 76,248,759 new ordinary shares for previously announced fundraises.
The shares issue relates to June and July 2024 subscriptions, conversion of February 2023 convertible loan notes, and 7 million shares to convert a loan from Catalyse Capital Ltd.
Additionally 3,548,759 shares were issued to certain directors in lieu of fees and to various other creditors.
Following the issue of all the shares, Altona’s issued ordinary share capital shall consist of 163,015,866 ordinary shares, with voting rights.
Chief executive officer Cedric Simonet subscribed for one million shares, taking his total to 1,925,711,equal to 1.18% of the shares in issue at admission.
Chief financial officer Louise Adrian subscribed for 2.5m shares and now holds 3,313,274, representing 2.03%.
The company also issued 1,834,000 new shares in lieu of deferred cash salary payments for certain directors, at 2.5 pence per share.
Ms Adrian was issued 407,968 new shares in lieu of cash salary payments in accordance with her contract.
Altona plans to hold a general meeting on 20 August 2024.