REG - Aterian PLC - Issue of Equity and Convertible Bonds

AterianAnnouncement

19/02/2026 07:00

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RNS Number : 5781T  Aterian PLC  19 February 2026

19 February 2026

 

Aterian plc

("Aterian" or the "Company")

 

Issue of Equity and Convertible Bonds

 

Aterian plc (LSE: ATN), the critical minerals exploration and trading company
focused on Africa, announces that it has raised £350,000 from existing
investors through a subscription for 1,000,000 new ordinary shares
("Subscription Shares") at a price of 25 pence per Subscription Share.
Additionally, a further £100,000 has been raised through the subscription to
a convertible bond ("PIK Convertible Bonds").

 

Subscribers to the Subscription Shares will also receive 500,000 warrants (the
"Warrants"), or 50% warrant coverage, with each Warrant exercisable at a
strike price of 32.5 pence per ordinary share. The Warrants will have a
maturity date of 15 February 2028 and call feature should the Company's
closing mid-price exceed 50 pence for three consecutive trading days.

 

The Company has also issued £100,000 of PIK Convertible Bonds to a single
longstanding and supportive shareholder. The PIK Convertible Bonds are debt
instruments but junior in ranking to trading finance facilities, have a 12%
annual coupon payable in the form of new payment-in-kind bonds (non-cash), are
convertible into ordinary shares at a price of 32.5 pence per share and are
redeemable on the 31 December 2027.

 

Strategic Use of Proceeds

The funds will be deployed to accelerate the expansion of the Company's
trading operations in Rwanda, including securing larger premises to materially
increase throughput capacity, supplier aggregation and operational efficiency.

 

This expansion builds on the strong momentum within Aterian's Rwandan
subsidiary, Eastinco Ltd, and follows the recently announced trade-funding
partnership in Rwanda, which has strengthened the business's working capital
base. Together, the new facility and enhanced funding capacity position the
Company to scale trading volumes significantly while maintaining high
compliance and responsible sourcing standards.

 

Building a Scalable, Cash-Generative Platform

The Board's strategy is to establish a self-sustaining, cash-generative
trading arm capable of funding exploration and reducing reliance on equity
dilution. Investment in expanded infrastructure at this stage provides
capacity headroom ahead of anticipated supplier growth and increasing
international demand.

 

In parallel, Eastinco is advancing discussions regarding blockchain-based
traceability systems, including engagement with the Rwanda Mines and Petroleum
Board, further reinforcing Aterian's commitment to transparency, ESG
leadership and OECD-aligned due diligence.

 

Charles Bray, Chairman of Aterian plc, commented:

"This capital expansion marks a decisive step in scaling our trading platform
to meet bullish funding requirements with lower-cost capital than the
mezzanine trading funds previously secured. We are investing ahead of the
curve to ensure Eastinco has the funding and infrastructure required to handle
significantly greater coltan supply volumes while maintaining the highest
standards of compliance and transparency, while market conditions are
excellent and coltan prices scale new all-time highs.

 

The combination of lower-cost capital with expanded physical capacity and the
implementation of improved traceability mechanisms demonstrates our intent to
build a modern, scalable, and trusted critical minerals trading business as a
major differentiator. We believe this infrastructure upgrade strengthens our
ability to generate cash flow, improve margins and reduce reliance on future
dilution as the business scales."

 

The Board believes this investment materially strengthens Aterian's
trading-led growth strategy and looks forward to updating shareholders as
revenue generation grows.

An application will be made for the Subscription Shares to be admitted to
trading on the London Stock Exchange, with admission expected to occur on or
around 24 February 2026 ("Admission"). Following the issue of the Subscription
Shares, the Company's enlarged issued share capital will comprise 17,084,000
Ordinary Shares.

 

This figure of 17,084,000 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 Disclosure Guidance & Transparency Rules.

 

- 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 contact:

 Investor questions on this announcement

 We encourage all investors to share questions   https://aterianplc.com/s/fcf8eb (https://aterianplc.com/s/fcf8eb)

 on this announcement via our investor hub

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 / Adam Cowl

Tel: +44 20 3470 0470

 

Financial PR:

Bald Voodoo - ben@baldvoodoo.com (mailto:ben@baldvoodoo.com)

Ben Kilbey

Tel: +44 (0)7811 209 344

 

Subscribe to our news alert service: https://atn-l.investorhub.com/auth/signup
(https://atn-l.investorhub.com/auth/signup)

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) 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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