Business
Issue of Equity for Expanded Drilling Programme
Altona Rare Earths PLC has raised £250,000 through the issuance of 25,000,000 new ordinary shares at £0.01 each, a price representing a 23% discount to the recent closing mid-price. These funds will support an expanded drilling program and geochemical assays, which are expected to increase the fluorspar Mineral Resource Estimate, with results anticipated in early 2026. The company also noted that the admission of 5,000,000 warrants to trading on the London Stock Exchange has been rescheduled to January 6, 2026, with the new subscription shares expected to commence trading on or around January 7, 2026. Following these issuances, the enlarged issued share capital will comprise 321,864,306 ordinary shares. Disclaimer*
About this update from Altona Rare Earths Plc
[{"type":"text","content":"\n\n \n22 December 2025\n \n \nALTONA RARE EARTHS PLC\n(\"Altona\" or the \"Company\")\n \nIssue of Equity\n \nAltona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, announces that it has today raised £250,000 through a subscription of 25,000,000 new ordinary shares of £0.01 each in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\"). The new Ordinary Shares will be issued at a price of £0.01 per share (the \"Issue Price\"), which represents a discount of 23% to the closing mid-price of £0.013 per share on 19 December 2025.\n \nFundraise\nThe net proceeds of the fundraise will provide the Company with the additional working capital required to meet the costs of the expanded drilling programme. Meterage drilled was increased by 70% due to the encouraging results of the initial holes as reported to investors on 15 December 2025, which also resulted in an increased number of samples dispatched to South Africa for geochemical assays. This is expected to result in additional fluorspar Mineral Resource Estimate (\"MRE\") tonnage. Assay results are expected in early 2026 and once received they will be rapidly used to prepare and publish the project's MRE.\n \nExercise of Warrants\nIt is noted that application for the Admission of the 5,000,000 warrants over shares at a price of £0.01 per share to trading on the Main Market of the London Stock Exchange, as announced on 15 December 2025 (the \"Warrant Shares\"), was previously reported to be on 19 December 2025. Admission in respect of the Warrant Shares will now be made on 6 January 2026.\n \nAdmission and Total Voting Rights\nApplication will be made to the London Stock Exchange for admission of the Subscription Shares to trading on the Main Market of the London Stock Exchange. The Subscription Shares will rank pari passu with the existing Ordinary Shares and it is expected that admission will become effective and dealings commence at 8:00 a.m. on or around 7 January 2026.\n \nFollowing this issue of the Subscription Shares and the Warrant Shares, the Company's enlarged issued share capital and total voting rights in the Company will comprise 321,864,306 Ordinary Shares. The Company has no shares held in Treasury. This figure of 321,864,306 Ordinar...