November 10, 2022
PLC ALTONA RARE EARTH
(“Altona” or “the Company”)
SHORT TERM LOAM INSTALLATION
Altona (AQSE:ANR), a rare earth exploration, development and mining company, announces that it has entered into a short-term loan facility prior to its proposed admission to the London Stock Exchange (“Admission” ).
The company is able to draw £150,000 in two tranches in November from Align Research Investments Ltd, to complete its 2022 mining program and provide funding for the assay costs of its rare earths project from Monte Muambe to mozambique.
The loan has a repayment date of the earlier of the admission dates or January 31, 2023 and bears a fixed interest rate of 15%. Align will also receive warrants equal to 150% of the value of the loan, with an expiry date of three years from drawdown. The exercise price of the Warrants is the lower of 12 pence each or the price of any investment the Company may make over the next 18 months.
Align may elect to receive interest and principal due in Altona common stock at the lower price of either 8 penceor the price of any investment the Company may make during the period the loan is outstanding.
Christian Taylor WilkinsonCEO of Altona, commented, “In order to publish this year high value milestone, the mineral resource estimate in the first quarter of 2023 in accordance with our published strategy, we felt that acceptance of this loan facility was the best course of action.
“We chose to work with Align Research because their business support model with short-term funding allowed us to avoid further equity dilution prior to proposed admission.”
This announcement contains information that, prior to disclosure, was inside information within the meaning of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulation 2019/310 (as amended).
For more information, please visit www.altonaRE.com or contact:
Altona Rare Earths Plc
Christian Taylor WilkinsonManaging Director +44 (0) 7795 168 157
Martin BoisNon-Executive Chairman +44 (0) 7880 787 080
Alfred Henry Corporate Finance Ltd (AQSE Corporate Adviser )
Jon Isaacs / Nick Michaels +44 (0) 20 3772 0021
Optiva Securities (broker)
Daniel Ingram +44 (0) 20 3411 1882
About Altona Rare Earths Plc
Altona is a mineral exploration company focused on the evaluation, development and extraction of rare earth element (REE) metals in Africa. It has an REE mining project in mozambique; the Monte Muambe project, a major light REE mining project in the northwest of the country. Resource drilling began in April 2022 and will release an initial resource estimate in Q1 2023 and a scoping study in Q2 2023. The Company is investigating other REE opportunities in Africa.