Business
FUNDRAISE AND BOTSWANA LICENCE ACQUISITION UPDATE
FUNDRAISE AND BOTSWANA LICENCE ACQUISITION UPDATE.
About this update from Altona Rare Earths Plc
[{"type":"text","content":"\n\n \n \nALTONA RARE EARTHS PLC\n \n(\"Altona\" or \"the Company\")\n \nFUNDRAISE UPDATE\nBOTSWANA COPPER LICENCE ACQUISITION UPDATE\n \nAltona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, today announces that further to the announcement on 28 June 2024, it has received an additional £4,000 Subscription from an existing shareholder (\"Further Subscription Shares\").\n \nThe Company has therefore conditionally raised £394,000 in aggregate through a subscription of 39,400,000 new ordinary shares of 1 pence each (the \"Shares\") in the Company (the \"Subscription\").\n \nThis brings the total amount raised to £1,294,000 (\"Fundraise\"), of which £394,000 is equity and £900,000 is in debt facilities.\n \nThe Company will also issue a further 375,000 new Shares (\"Creditor Shares\") to satisfy an existing creditor to the value of £3,750. This brings the total Shares issued to other creditors to 1,306,791 new Shares to satisfy existing creditors to the value of £24,236.\n \nThe total number of Shares to be issued pursuant to the Fundraise, conversion of existing Convertible Loan Notes and payment of fees and settlement of creditors is 76,248,759.\n \nThe issue of the Subscription Shares (including the Additional Subscription Shares) and the Creditor Shares is subject to the publication of a Financial Conduct Authority approved prospectus, which the Company is working with its advisers to complete as soon as possible.\n \nBotswana copper licence acquisition update\n \nFurther to the Company's announcement of 9 April 2024, the Company and Ignate African Minerals Ltd have agreed to extend the exclusivity period of the option agreement until 17 July 2024.\n \nThis 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).\n \nTo subscribe for RNS alerts, please visit: https://www.altonare.com/investors/regulatory-news-alerts/\n \n-ends-\n \nAltona Rare Earths Plc\nCédric Simonet, CEO &nbs...