REG - Aterian PLC - Convertible Loan Notes & Warrants Issue

AterianAnnouncement

29/05/2026 16:45

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RNS Number : 3093G  Aterian PLC  29 May 2026

29 May 2026

 

Aterian Plc

("Aterian" or the "Company")

 

Convertible Loan Notes & Warrants Issue

Aterian Plc (LSE: ATN), the Africa-focused critical minerals exploration,
development and trading company, is pleased to announce an increase to the
recently announced strategic refinancing initiative to support the continued
growth of the Group's revenue-generating trading operations, optimise its
capital structure and advance broader corporate development initiatives.

The Company has entered into a new subscription agreement with an existing
shareholder for the issue of an additional £100,000 of unsecured zero-coupon
Convertible Loan Notes ("CLNs"). The CLNs  convert at the election of the CLN
holders into new ordinary shares of 10 pence each in the capital of the
Company ("Ordinary Shares") at a conversion price of 25 pence per Ordinary
Share on or before 31 December 2026. In the event that the CLN holders have
not elected to convert prior to 31 December 2026, the CLNs will be converted
automatically. The conversion of the CLNs will result in a total of 400,000
new Ordinary Shares being issued.

Lower Cost Funding - Use of Capital

The proceeds will be used for the repayment of loans and general corporate
use. As with the issue recently announced on 19 May 2026, the Board notes that
the financing reduces interest expense and provides the Company with
additional flexibility to continue advancing its growth strategy while
minimising near-term cash outflows and preserving operational momentum.

 

In connection with the CLN financing, the Company has agreed to issue warrants
over new Ordinary Shares (the "Warrants") and will issue 200,000 Series 29
Warrants, representing 50% warrant coverage. The Series 29 Warrants attached
to the CLNs will expire on 15 February 2028, and carry an exercise price of
32.5 pence per Ordinary Share and a 50 pence per Ordinary Share hard call
feature (subject to the share price exceeding 50 pence per Ordinary Share for
a period of three (3) consecutive trading days), intended to provide investors
with additional participation in future upside while aligning long-term
interests with the Company's broader shareholder base.

 

Executive Chairman, Charles Bray, commented:

"I would like to extend my sincere thanks to both our existing and new
shareholders whose continued support has enabled Aterian to further strengthen
its balance sheet and accelerate the execution of our strategy. The
willingness of investors to commit additional capital to the Company in the
current market environment is a strong endorsement of the progress we are
making and the significant value creation opportunity we believe exists across
our portfolio.

What particularly excites me today is the transformation taking place within
our Rwandan business.  Rwanda has evolved into a growing operational platform
with the potential to become a highly valuable asset in its own right. This is
garnering the attention of market participants, and we will look to maximise
this value on behalf of our shareholders. Through the development of our
mineral trading activities, we are building a scalable, cash-generative
business that provides direct exposure to critical mineral supply chains while
generating revenues that can support the advancement of our wider exploration
portfolio. In a sector where access to capital remains challenging, the
ability to generate operating cash flow alongside exploration upside
represents a significant competitive advantage.

Mineral trading combined with our highly prospective lithium, tantalum,
niobium and beryllium project portfolio across Rwanda is developing a unique
position within the African critical minerals sector. Our strategy is
straightforward: originate, enhance and commercialise quality mineral
discovery and development opportunities while building revenue-generating
operations that strengthen shareholder returns."

- 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).

 

Engage directly with the Aterian PLC management team by asking questions,
watching video summaries, and seeing what other shareholders have to say.
Please navigate to our interactive investor hub here:
https://aterianplc.com/s/fcf8eb (https://aterianplc.com/s/fcf8eb)

 

For further information, please visit the Company's website:
www.aterianplc.com (http://www.aterianplc.com) or contact:

 

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com
(mailto:charles.bray@aterianplc.com)

Simon Rollason, Director - simon.rollason@aterianplc.com
(mailto:simon.rollason@aterianplc.com)

 

Financial Adviser and Joint Broker:

AlbR Capital Limited

David Coffman / Dan Harris

Colin Rowbury

Tel: +44 (0)207 7469 0930

 

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Devik Mehta

Tel: +44 20 3470 0470

 

Financial PR:

Bald Voodoo - ben@baldvoodoo.com

Ben Kilbey

Tel: +44 (0)7811 209 344

Notes to Editors:

About Aterian plc

www.aterianplc.com (http://www.aterianplc.com)

 

Aterian plc is an LSE-listed exploration and development company with a
diversified African portfolio of critical metals projects.

Aterian plc is actively seeking to acquire and develop new critical metal
resources to strengthen its existing asset base while supporting ethical and
sustainable supply chains as the world transitions to a sustainable, renewable
future. The supply of these metals is vital for developing the renewable
energy, automotive, and electronic manufacturing sectors, which are
increasingly important in reducing carbon emissions and meeting global climate
ambitions.

 

Aterian has a portfolio of multiple copper-silver (+gold) and base-metal
projects in Morocco. Aterian holds a 90% interest in Atlantis Metals, a
private Botswana-registered company holding eleven mineral prospecting
licences for copper-silver in the world-renowned Kalahari Copperbelt and three
for lithium and salt brine exploration in the Makgadikgadi Pans region. The
Company also holds an exploration licence in southern Rwanda, where it is
evaluating the tantalum and niobium opportunity, in addition to further
exploring for pegmatite-hosted lithium.

 

The Company's strategy is to seek new exploration and production opportunities
across the African continent and to develop new sources of critical mineral
assets for exploration, development, and trading.

 

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