Issue of Equity

Altona Rare Earths PLC

22 November 2023

 

22 November 2023

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

Issue of Equity

Altona (LSE: REE), a resource exploration and development company focused on Rare Earths in Africa, announces that it has issued new ordinary shares to its partner in Mozambique and to a convertible loan note holder for payment of interest expense.

Payment to Monte Muambe Mining Lda original shareholders

In line with the 23 June 2021 Farm-Out agreement, the Company has today issued 1 million shares at a nominal value of £0.01, to the three original shareholders of Monte Muambe Mining Lda, having sent the Phase 2 Completion Notice for its Monte Muambe rare earths project. Altona has also made a cash payment of £40,000 as per the agreement.

Payments to Convertible Loan Holders

Additionally, on 22 November 2023 the Company issued 8,935 ordinary shares of £0.01 each, in lieu of an interest payment of £375.

Admission and Total Voting Rights

Application is being made for the new ordinary shares to be admitted to trading on the Main Market of the London Stock Exchange which is expected to be on or around 28 November 2023. Following this issue of 1,008,935 shares, which will rank pari passu with the Company's existing ordinary shares, the Company's enlarged share capital and total voting rights in the Company will comprise 84,445,734.  The Company has no shares held in Treasury.  This figure of 84,445,734 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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Altona Rare Earths Plc

Cedric Simonet, CEO                                                                               [phone]

Christian Taylor-Wilkinson, Business Development                                 [phone]

Novum Securities Ltd (Corporate Finance)                                        [phone]

David Coffman                                                                                                                           

Daniel Harris

George Duxberry

Allenby Capital Ltd (Joint Broker)                                                         [phone]

Kelly Gardiner / Guy McDougall (Sales)

Nick Athanas (Corporate Finance)

Optiva Securities (Joint Broker)                                                           [phone]

Daniel Ingram                                                                                                                             

Yellow Jersey PR (Financial PR)                                                          [phone]

Sarah Hollins

Annabelle Wills

Soraya Jackson

About Altona Rare Earths Plc

Altona is a resource exploration and development company focused on Rare Earths in Africa. The Company is listed on the Main Market of the London Stock Exchange. 

Rare Earths are a group of 17 chemical elements, many of which are critical to the World's on-going transition from carbon-based to renewable energies, and to the defence and communication sectors.

The Company currently focuses on the development of Monte Muambe, its flagship Magnet Rare Earths Project, located in Northwest Mozambique. The Project was acquired in June 2021, and the Company has so far drilled over 7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO.

A Competent Person Report including the Scoping Study for Monte Muambe was published on 18 October 2023 and can be read here: https://www.altonare.com/investors/reports/

Altona continues to take advantage of its position in Africa to assess other possible Rare Earths opportunities on the Continent.

 

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