REG - Altona Rare Earths - Issue of Equity

Altona Rare EarthsAnnouncement

22/11/2023 13:45

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RNS Number : 3603U  Altona Rare Earths PLC  22 November 2023

 

22 November 2023

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

Issue of Equity

 

Altona (LSE: REE), a resource exploration and development company focused on
Rare Earths in Africa, announces that it has issued new ordinary shares to its
partner in Mozambique and to a convertible loan note holder for payment of
interest expense.

 

Payment to Monte Muambe Mining Lda original shareholders

In line with the 23 June 2021 Farm-Out agreement, the Company has today issued
1 million shares at a nominal value of £0.01, to the three original
shareholders of Monte Muambe Mining Lda, having sent the Phase 2 Completion
Notice for its Monte Muambe rare earths project. Altona has also made a cash
payment of £40,000 as per the agreement.

 

Payments to Convertible Loan Holders

Additionally, on 22 November 2023 the Company issued 8,935 ordinary shares of
£0.01 each, in lieu of an interest payment of £375.

 

Admission and Total Voting Rights

Application is being made for the new ordinary shares to be admitted to
trading on the Main Market of the London Stock Exchange which is expected to
be on or around 28 November 2023. Following this issue of 1,008,935 shares,
which will rank pari passu with the Company's existing ordinary shares, the
Company's enlarged share capital and total voting rights in the Company will
comprise 84,445,734.  The Company has no shares held in Treasury.  This
figure of 84,445,734 ordinary shares may be used by shareholders in the
Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

-ends-

 

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(https://www.altonaRE.com/investors/regulatory-news-alerts/)

 

Altona Rare Earths Plc

Cedric Simonet,
CEO
+44 (0) 7778 866 108

Christian Taylor-Wilkinson, Business
Development
+44 (0) 7795 168 157

 

Novum Securities Ltd (Corporate
Finance)
+44 (0) 20 7399 9400

David
Coffman

Daniel Harris

George Duxberry

 

Allenby Capital Ltd (Joint
Broker)
+44 (0)20 3328 5656

Kelly Gardiner / Guy McDougall (Sales)

Nick Athanas (Corporate Finance)

 

Optiva Securities (Joint
Broker)
+44 (0) 20 3411 1882

Daniel
Ingram

 

Yellow Jersey PR (Financial
PR)
+44 (0) 20 3004 9512

Sarah Hollins

Annabelle Wills

Soraya Jackson

 

About Altona Rare Earths Plc

 

Altona is a resource exploration and development company focused on Rare
Earths in Africa. The Company is listed on the Main Market of the London Stock
Exchange.

 

Rare Earths are a group of 17 chemical elements, many of which are critical to
the World's on-going transition from carbon-based to renewable energies, and
to the defence and communication sectors.

 

The Company currently focuses on the development of Monte Muambe, its flagship
Magnet Rare Earths Project, located in Northwest Mozambique. The Project was
acquired in June 2021, and the Company has so far drilled over 7,800m, and
defined a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42%
TREO.

 

A Competent Person Report including the Scoping Study for Monte Muambe was
published on 18 October 2023 and can be read here:
https://www.altonare.com/investors/reports/
(https://www.altonare.com/investors/reports/)

 

Altona continues to take advantage of its position in Africa to assess other
possible Rare Earths opportunities on the Continent.

 

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