REG - Altona Rare Earths - Prospectus Publication, Issue of Shares, GM Notice

Altona Rare EarthsAnnouncement

19/07/2024 14:15

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RNS Number : 1161X  Altona Rare Earths PLC  19 July 2024

19 July 2024

 

 

ALTONA RARE EARTHS PLC

 

("Altona" or "the Company")

 

PUBLICATION OF PROSPECTUS, ISSUE OF SHARES, NOTICE OF GM

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, announces that further to the announcements
of 28 June 2024 and 4 July 2024, it has today published a Prospectus.  The
Prospectus, which has been approved by the FCA, has been published on the
Company's website at https://investors.altonare.com/documents and will also be
available at the FCA's Document Storage Mechanism at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

Following the publication of the Prospectus, the Company has issued 76,248,759
new ordinary shares ("Shares"), as follows:

 

·    39,400,000 Shares pursuant to the subscriptions totaling £394,000
announced on 28 June 2024 and 4 July 2024;

·    26,300,000 Shares pursuant to the conversion of existing convertible
loan notes of £263,000, issued on 1 February 2023;

·    7,000,000 Shares pursuant to the conversion of £70,000 loan of a
loan from Catalyse Capital Limited; and

·    3,548,759 Shares issued to certain Directors in lieu of fees and to
various other creditors.

 

Application will be made for the 76,248,759 Shares to be admitted to the
Official List and to trading on the Main Market of the London Stock Exchange
("Admission"). It is expected that Admission will become effective on or
around 25 July 2024. The Shares rank pari passu with the existing ordinary
shares of the Company.

 

Following the issue of the Shares, the Company's issued ordinary share capital
shall consist of 163,015,866 ordinary shares. The figure of 163,015,866
represents the total voting rights in the Company and should be used by
shareholders as the denominator for the calculation by which they can
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the Financial Conduct Authority's ("FCA")
Disclosure Guidance & Transparency Rules.

 

The Company further announces that a General Meeting ("GM") will be held on 20
August 2024 at 11 am.  The Notice of GM and Form of Proxy will shortly be
posted to shareholders and copies of these documents will also be available on
the Company's website.

 

Director Dealings

 

Cedric Simonet and Louise Adrian have participated in the Subscription at the
Issue Price, as follows:

 

·    Cedric Simonet subscribed for 1,000,000 shares

·    Louise Adrian subscribed for 2,500,000 shares

 

The Company has also issued 1,834,000 new Shares in lieu of deferred cash
salary payments for certain Directors. This has been calculated at a price of
2.5 pence per share. Louise Adrian has been issued 407,968 new Shares in lieu
of cash salary payments, in accordance with her contract, as part of the
Company's last year's London Stock Exchange Listing arrangements. The number
of these Shares was calculated using the volume weighted average price
("VWAP") of 2.01p, calculated under the terms of her contract, over the period
from 1 September 2023 to 31 May 2024.

 

Therefore, on Admission, the interests of the participating Directors in the
Company's Enlarged Share Capital will be as follows:

 

 Director participating  Number of Subscription Shares  Shares paid in lieu of salary or fees  Resultant Shareholding at admission  % of shares in issue at admission*
 Cedric Simonet          1,000,000                      Nil                                    1,925,711                            1.18%
 Louise Adrian           2,500,000                      407,968                                3,313,274                            2.03%
 Martin Wood             Nil                            1,040,000                              2,620,056                            1.61%
 Simon Charles           Nil                            602,000                                602,000                              0.37%
 Audrey Mothupi          Nil                            192,000                                192,000                              0.12%

 

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).

 

To subscribe for RNS alerts, please join our investor hub on:
https://investors.altonare.com/welcome

-ends-

 

Altona Rare Earths Plc

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

Louise Adrian,
CFO
+44 (0) 7721 492 922

 

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

David
Coffman

Daniel Harris

 

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

Vishal
Balasingham

 

About Altona Rare Earths Plc

 

Altona is a resource exploration and development company focused on critical
raw materials in Africa. The Company is listed on the Main Market of the
London Stock Exchange with the ticker "REE". Rare Earths are a group of 17
chemical elements, many of which are critical to the World's ongoing
transition from carbon-based to renewable energies, and to the defence and
communication sectors.

 

The Company is currently developing 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. The Project is now at Prefeasibility Study
stage, with a focus on metallurgical testing and process.

 

Altona is presently diversifying its portfolio by acquiring a limited number
of critical raw material projects to complement Monte Muambe. The acquisition
of the Kabompo South copper project in Zambia and of the Sesana copper-silver
project in Botswana represents the first steps towards the implementation of
this expanded strategy.

 

 

Notification and public disclosure of transaction by person discharging
managerial responsibilities

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                                                     1)   Cedric Simonet

                                                                                              2)   Louise Adrian

                                                                                              3)   Martin Wood

                                                                                              4)   Simon Charles

                                                                                              5)   Audrey Mothupi
 2   Reason for notification
 a.  Position/Status                                                                          1)   Director

                                                                                              2)   Director

                                                                                              3)   Director

                                                                                              4)   Director

                                                                                              5)   Director
 b.  Initial notification/ Amendment                                                          Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                                                     Altona Rare Earths Plc
 b.  LEI                                                                                      2138002A5GU9BFS2I491
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument                              Ordinary shares of £0.01

Identification Code

                                                                                              ISIN Code: GB00BFZNKV91
 b.  Nature of the transaction                                                                participation in subscription and shares issued in lieu of salary or fees
 c.  Price(s) and volume(s)                                                                   Price        Volume
                                                                                              1)   1p      1,000,000
                                                                                              2)   1.1p    2,907,968
                                                                                              3)   2.5p    1,040,000
                                                                                              4)   2.5p    602,000
                                                                                              5)   2.5p    192,000
 d.  Aggregated information                                                                   5,741,968 Shares at 1 - 2.5p

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                                                  19 July 2024
 f.  Place of the transaction                                                                 London Stock Exchange

d.

Aggregated information

 

- Aggregated Volume

 

- Price

5,741,968 Shares at 1 - 2.5p

e.

Date of the transaction

19 July 2024

f.

Place of the transaction

London Stock Exchange

 

 

 

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