Altona Rare Earths plc has issued 40 million ordinary shares of one pence each, following an exercise of 40m warrants, at a price of 1.5 pence per share, for a gross £600,000.
TVRs
Net proceeds will repay the company’s outstanding full single debt with Tracarta Ltd.
Altona said that immediately before the warrants exercise, the original warrant holder transferred their rights over the 40m transferred warrants to certain subscribers at nil cost, conditional on their participation in the subscription.
The company has also secured an extension to the remaining debt of £500,000, with Richard Jennings and Catalyse Capital Ltd, to 30 October 2026.
Altona intends to issue 3,333,333 new ordinary shares for the extension, subject to shareholders’ approval at the next general meeting.
The lenders of both debt facilities have additionally chosen to receive accrued interest in the form of 13.2m new ordinary shares, at one penny per interest share.
Following admission of the warrants and interest shares, totalling 53,200,000, Altona’s enlarged share capital will comprise 291,864,306 ordinary shares, with voting rights.
The company holds no shares held in treasury.
Altona assets are the Monte Muambe rare earths-fluorspar-gallium project in northwest Mozambique and the Sesana copper-silver project in Botswana.