TIDMANR
RNS Number : 5793S
Altona Rare Earths PLC
10 March 2023
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
STATES, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
This announcement is an advertisement and not a prospectus. This
announcement is not and does not constitute or form part of, and
should not be construed as, an offer of securities for subscription
or sale in any jurisdiction nor a solicitation of any offer to buy
or subscribe for, any securities in any jurisdiction, nor shall it
or any part of it, or the fact of its distribution, form the basis
of, or be relied on in connection with, any contract or commitment
whatsoever. This announcement does not constitute a recommendation
regarding any securities. Prospective investors should not
subscribe for or purchase any securities referred to in this
announcement except in compliance with applicable securities laws
and regulation and on the basis of the information in the final
prospectus ("Prospectus") to be published by the Company, and any
supplement thereto, in connection with any a proposed placing and
subscription of the Company's new ordinary shares, the proposed
acquisitions to be made by the Company and the associated admission
of the Company's issued and to be issued ordinary share capital to
the standard segment of the Official List and to trading on the
London Stock Exchange PLC's Main Market for listed securities of
London Stock Exchange plc.
10 March 2023
ALTONA RARE EARTHS PLC
("Altona" or "the Company")
GBP2.0m Fundraise
Proposed Admission to Main Market and Withdrawal from AQSE
Altona Rare Earths Plc (AQSE: ANR.PL), a mining exploration
company focused on the development of a significant Rare Earth
Elements ("REE") mining project in Africa, today announces the
Company has raised GBP2.0 million via an oversubscribed placing of
GBP1,720,800 (the "Placing") and a subscription of GBP279,200
through the issue of 40 million new ordinary shares at 5 pence
("Issue Price") per share ("the Fundraise"). The Company announced
on 2 February 2023 that it was seeking to raise GBP1.25 million in
new capital.
The Fundraise is conditional on, inter alia, the proposed
admission of its entire ordinary share capital to the Official List
(by way of Standard Listing under Chapter 14 of the Listing Rules)
and to trading on the London Stock Exchange's Main Market for
listed securities ("Admission").
The intended use of funds will include the completion of
Altona's maiden JORC compliant Mineral Resource Estimate and a
Scoping Study for the Company's flagship asset, Monte Muambe Rare
Earths mining project ("Monte Muambe"), in northwest Mozambique,
which is expected to be published in May 2023. This will enable the
Company to increase its holding in Monte Muambe Mining Lda (which
owns 100% of Monte Muambe) from 20% to 51%. The funds will also be
used to repay certain creditors and general working capital
purposes.
Subject to the approval of the Company's prospectus by the FCA,
Admission is expected to become effective, and dealings in the
Company's ordinary shares are expected to commence at 8.00 a.m. GMT
on 20 March 2023, under the new ticker: "REE".
The Company will make a further announcement once FCA approval
of the prospectus has been received.
Withdrawal from Trading on AQSE Growth Market
The Company's ordinary shares are expected to be withdrawn from
trading on the AQSE Growth Market at 4.30 p.m. on Friday 17 March
2023. Current Shareholders need not take any action regarding their
shares but may wish to consult their tax advisers regarding the
implications of the Company's move to the Main Market of the London
Stock Exchange.
-ends-
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
Unless the context otherwise requires, defined terms in the
Prospectus shall have the same meaning in this announcement.
For more information on Altona and its current mining projects
please visit: www.altonaRE.com
Altona Rare Earths Plc
Christian Taylor-Wilkinson, Chief Executive +44 (0) 7795 168
157
Martin Wood, Non-Executive Chairman +44 (0) 7880 787 080
Alfred Henry Corporate Finance (AQSE Corporate Adviser) +44 (0) 20 3772 0021
Nick Michaels
Optiva Securities (Broker) +44 (0) 20 3411 1882
Daniel Ingram
Novum Securities Ltd (Financial Adviser) +44 (0)20 7399 9400
David Coffman/ Dan Harris/ George Duxberry
Yellow Jersey PR (Financial PR) +44 (0) 333 003 0046
Sarah Hollins
Annabelle Wills
Jazmine Clemens
About Altona Rare Earths Plc
Altona is a mining exploration company focused on evaluating,
developing and extracting Rare Earth Element ("REE") metals in
Africa.
The Company owns a REE mining project in Mozambique; the Monte
Muambe Project, a significant Light REE mining project in the
northwest of the country, where exploration work commenced on 1
October 2021. Resource Drilling commenced in April 2022, and the
Company will publish a maiden Mineral Resource Estimate and Scoping
Study in May 2023.
Altona is in the process of investigating other REE
opportunities in Africa as REEs continue to be one of the most in
demand and fastest growing industries in the world, playing a vital
role in our defence, energy and green technology sectors.
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END
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March 10, 2023 04:00 ET (09:00 GMT)