Business
Issue of Equity and Exercise of Warrants
Altona Rare Earths PLC has announced the issuance of 9,728,810 new ordinary shares to Directors under its Share Incentive Scheme, following the satisfaction of a volume-weighted average share price condition. Additionally, the company has received exercise notices for 33,096,667 warrants, generating £491,933 in cash proceeds for resource estimates and business development. Furthermore, £20,000 in interest due on outstanding debt has been converted into 2,000,000 new ordinary shares. These combined issuances result in a total of 44,825,477 new ordinary shares, bringing the company's enlarged share capital to 429,066,112 ordinary shares. Disclaimer*
About this update from Altona Rare Earths Plc
[{"type":"text","content":"\n\n26 March 2026\n \n \nALTONA RARE EARTHS PLC\n(\"Altona\" or the \"Company\")\n \nIssue of Incentive Shares, Exercise of Warrants and Issue of Equity following Interest Conversion\n \nAltona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, is pleased to announce the issue of new ordinary shares to Directors following the vesting of awards under the Company's incentive plan together with the exercise of warrants and the issue of equity following the conversion of interest due on its outstanding debt, at the election of the lender.\n \nIncentive Shares\nFurther to the Company's announcement on 28 November 2025 in relation to the grant of share options to directors over a total of 29,186,430 ordinary shares of 1 pence each in the capital of the Company (\"Ordinary Shares\") (the \"Share Incentive Scheme\"), the Tranche 1 performance condition has now been satisfied (being that the Company's volume weighted average share price over a period of 20 consecutive trading days traded at or above 3p). Accordingly, 9,728,810 options over Ordinary Shares have vested and have been exercised by the Directors, resulting in the issue of 9,728,810 new Ordinary Shares (the \"Incentive Shares\") to Directors under its Share Incentive Scheme.\n\n\n\n\nDirector\n\n\nNumber of Shares Issued\n\n\nTotal Holding following Issue of Shares\n\n\nPercentage Holding following Issue of Shares\n\n\n\n\nCedric Simonet\n\n\n4,377,964\n\n\n10,065,346\n\n\n2.35%\n\n\n\n\nLouise Adrian\n\n\n2,432,203\n\n\n9,928,538\n\n\n2.31%\n\n\n\n\nHarvey Sinclair\n\n\n1,945,762\n\n\n1,945,762\n\n\n0.45%\n\n\n\n\nKristoffer Andersson\n\n\n972,881\n\n\n1,430,139\n\n\n0.33%\n\n\n\n\n \nExercise of Warrants\nThe Company received Notices of Exercise from existing shareholders in respect of the warrants set out below:\n \n- 12,000,000 warrants at an exercise price of 1.0 pence per Ordinary Share (\"1p Warrants\"), being the final outstanding 1 pence warrants,\n- 10,000,000 warrants at an exercise price of 1.5 pence per Ordinary Share (\"1.5p Warrants\") and\n- 11,096,667 warrants at an exercise price of 2.0 pence per Ordinary Share (\"2p Warrants\").\nThe shares issued pursuant to the exercise of the warrants are referred to as the \"Warran...