Altona Rare Earths plc said completion of its Phase I work programme had satisfied one of the terms required to increase its holding in Monte Muambe Mining Lda (MMM) at the Monte Muambe project in Mozambique.
INCREASED HOLDING
The company is in the process of receiving approval from the Mozambique government, after which it will make a payment for capital gains tax for the transfer of a further 19% of MMM shares to Altona.
The company’s holding in MMM will increase to 20%.
SHARES ISSUE
The company has, as agreed with Ussokoti Investimentos Lda and Monte Muambe Mining Lda (MMM) also issued one million Altona ordinary shares and made a cash payment of £40,000 to the original shareholders of MMM.
The equity issue and expected increased holding comprise the first of three phases in the agreement signed in June 2021.