Finance Metals & Minerals News

Altona raises £2m on cusp of admission to main market

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Altona Rare Earths plc has raised £2 million via an oversubscribed placing and subscription.

USES

The placing resulted in £1,720,800 along with £279,200 from the subscription through the issue of 40 million new ordinary shares each at 5 pence.

Altona plans to use the funds to complete the inaugural JORC compliant mineral resource estimate and a scoping study for the company’s flagship asset, Monte Muambe rare earths mining project, in northwest Mozambique.

The company then intends to increase its holding in owners of Monte Muambe from 20% to 51%.

The proceeds will also repay certain creditors and used for general working capital purposes.

ADMISSION

Subject to FCA approval of Altona’s prospectus, admission is expected 20 March 2023.

The company’s shares will withdraw from trading on the AQSE Growth Market 17 March 2023.

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  1. Pingback: Altona Rare Earths' admission to Main Market moved to end of March - Extractive Industries

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