Altona Rare Earths plc has issued an aggregate 4,817,996 new ordinary shares for directors’ salaries and to clear part of a debt.
TVRs
The Africa explorer issued 1,484,663 ordinary shares of £0.01 pence each, in lieu of cash salary payments, to its directors as part of cash conservation measures.
A total of 3,333,333 new ordinary shares, each at a price of 1.5 pence, were issued to Catalyse Capital Ltd as a one-off reprofiling fee of £50,000, which is 10% of Altona’s outstanding loan with CCL.
Of the total shares issued to directors, former chairman and director Simon Charles received 83,986.
Chief executive officer Cedric Simonet received 711,712 shares, taking his total held shares to 5,687,382, representing 1.74% of the issued share capital.
Chief financial officer Louise Adrian received 546, 701 new shares and now holds 7,496,336 shares (2.29%).
Non-executive director Kristoffer Andersson was issued with 142,264 new shares, to hold 457,258 (0.14%).
Following admission of the 4,817,996 new ordinary shares, Altona’s enlarged share capital and total voting rights will number 326,682,302.
The company holds no shares in treasury.
Altona owns interests in rare earths-gallium-fluorspar in Mozambique and copper in Botswana.