REG - Aterian PLC - Issue of Convertible Loan Notes

AterianAnnouncement

03/05/2024 16:15

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RNS Number : 2498N  Aterian PLC  03 May 2024

3 May 2024

Aterian Plc

("Aterian" or the "Company")

 

Director and Substantial Shareholder Dealing

 

Issue of Convertible Loan Notes

 

Aterian Plc (LSE: ATN), the critical metal-focused exploration and development
company, announces that further to the Company's announcement of 2 May 2024,
the Company has today issued £500,000 of £1 convertible loan notes ("CLN").
The CLNs are convertible into Ordinary Shares of 1p each in the Company
("Ordinary Shares") at a price of 0.7 pence per Ordinary Share, which is a 12%
premium to the mid-market closing price of Ordinary Shares on 1 May 2024.
The other main terms of the CLNs are set out in the 2 May 2024 announcement.

 

The Company will use the CLN issue's net proceeds to accelerate the Agdz
exploration drill programme in Morocco, advance operations in Rwanda and
Botswana, and bolster its financial flexibility. Simon Rollason, a director of
the Company, has subscribed for £42,666.40 of CLNs, and Altus Exploration
Management Limited ("Altus"), a subsidiary of Elemental Altus Royalties Corp.,
a substantial shareholder in the Company, has subscribed for £457,333.60 of
CLNs.

 

The Company has also received notification from Simon Rollason, a director of
the Company, that he has today sold 6,095,200 Ordinary Shares of 1p each in
the Company at a price of 0.7 pence per Ordinary Share for gross proceeds of
£42,666.40, which represents 0.56% of the Company's issued share capital.

 

The Company is aware that Altus Exploration Management Limited ("Altus"), a
subsidiary of Elemental Altus Royalties Corp., a substantial shareholder in
the Company, has sold 65,333,371 Ordinary Shares in the Company at a price of
0.7 pence per share for gross proceeds of £457,333.60.  Altus's remaining
shareholding in the Company is 175,840,152 Ordinary Shares, representing 16.1%
of the Company's issued share capital.

 

Charles Bray, Chairman of Aterian, commented:

 

"This capital has been issued at a premium and in a challenging small-cap
equity funding environment. Further, with this capital injection, we are
poised to launch our strategic initiatives in Morocco, starting with the Agdz
drill programme. We are deeply grateful for the trust and confidence
demonstrated by our investors, and their continued support underscores their
belief in our vision and strategy. This equity capital strengthens and
underscores the alignment between management and shareholders in driving the
Company's strategy and ultimately creating value from an excellent portfolio
of Moroccan copper and silver exploration assets.

 

On behalf of the board and management team, I would like to express our
sincere appreciation to our shareholders, whose continued support and
partnership are integral to our success. Together, we are poised to achieve
new heights and create enduring value for all stakeholders."

 

Altus's participation in the CLN issue constitutes a material related party
transaction.  The Company confirms that the requirements of DTR 7.3.8 have
been complied with.

 

- ENDS -

 

 

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:

Novum Securities Limited

David Coffman / George Duxberry

Colin Rowbury

Tel: +44 (0)207 399 9400

 

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Adam Cowl

Tel: +44 20 3470 0470

 

Financial PR:

Bold 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 whilst 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 that are playing an
increasing role in reducing carbon emissions and meeting climate ambitions
globally.

 

The Company has entered into a joint venture agreement with Rio Tinto Mining
and Exploration Limited for Rio Tinto to earn into the HCK project in
southern Rwanda. It holds two further partnerships in Rwanda, exploring and
developing lithium-tantalum-niobium-tin mining operations. Aterian currently
holds a portfolio of multiple copper-silver and base metal projects in the
Kingdom of Morocco, with a total area of 897 km(2). In January 2024, the
Company announced the acquisition of a 90% interest in Atlantis Metals. This
private Botswana registered company holds seven mineral prospecting licences
for copper-silver in the Kalahari Copperbelt and three for lithium brine
exploration in the Makgadikgadi Pans region. The total licence area in
Botswana is 4,486 km(2).

 

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.

 

 

Dealings by Persons Discharging Managerial Responsibilities

 

  1   Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Simon Rollason

 2    Reason for the notification

 a)   Position/status                                              Director

 b)   Initial notification /Amendment                               Initial Notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                          Aterian plc

 b)   LEI                                                          2138005GAARIE1JMP262

 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 1 pence each

      Identification code                                          ISIN: GB00BKS7ZV87

 b)   Nature of the transaction                                    Sale of Ordinary Shares

 c)   Price(s) and volume(s)

Price  Volume

                                                                                     0.7p   6,095,200

 

 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price                                                      0.7 pence

 e)   Date of the transaction                                      3 May 2024

 f)   Place of the transaction                                     London

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

- Aggregated volume

N/A

 

 

- Price

0.7 pence

 

 

e)

 

Date of the transaction

3 May 2024

 

f)

 

Place of the transaction

London

 

 

  1   Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Simon Rollason

 2    Reason for the notification

 a)   Position/status                                              Director

 b)   Initial notification /Amendment                               Initial Notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                          Aterian plc

 b)   LEI                                                          2138005GAARIE1JMP262

 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 1 pence each

      Identification code                                          ISIN: GB00BKS7ZV87

 b)   Nature of the transaction                                    Subscription of convertible loan note to convert to new Ordinary Shares

 c)   Price(s) and volume(s)

Price  Volume

                                                                                       0.7p   6,095,200

 

 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price                                                      0.7 pence

 e)   Date of the transaction                                      3 May 2024

 f)   Place of the transaction                                     London

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

- Aggregated volume

N/A

 

 

- Price

0.7 pence

 

 

e)

 

Date of the transaction

3 May 2024

 

f)

 

Place of the transaction

London

 

 

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