Altona Rare Earths plc said it had conditionally raised £1.1 million through placing 13,750,000 million new ordinary shares at 8 pence each to help fund its operations at Monte Muambe, Mozambique.
USES
The funds will go towards completing an inaugural mineral resource estimate due in Q1 2023.
The proceeds will also fund a preliminary economic assessment and scoping study, expected during Q2 2023.
PLACING
The placing is conditional on, inter alia, the company’s admission to the Official List and to trading on the London Stock Exchange’s Main Market for listed securities, which is expected by the end of September.
The new ordinary shares will not be issued until admission and the total number ordinary shares currently issued remains 37,484,999.
PDMRs
| Participating Director | Number of Placing Shares | Resultant Shareholding | % Share Capital as enlarged by the Placing |
| Christian Taylor-Wilkinson | 625,000 | 2,470,811 | 4.82 |
| Cedric Simonet | 312,500 | 594,011 | 1.16 |
| Martin Wood | 250,000 | 788,462 | 1.54 |
Directors Christian Taylor-Wilkinson, Cedric Simonet and Martin Wood will participate in the placing for an aggregate of 1,187,500 shares at the issue price.