Altona Rare Earths PLC GBP250,000 LOAN FACILITY (6782X)
22 Décembre 2023 - 8:00AM
UK Regulatory
TIDMREE
RNS Number : 6782X
Altona Rare Earths PLC
22 December 2023
22 December 2023
ALTONA RARE EARTHS PLC
("Altona" or "the Company")
GBP250,000 LOAN FACILITY
Altona (LSE: REE), a resource exploration and development
company focused on Rare Earths in Africa, announces that it has
entered into a loan facility ("the Facility") with Catalyse Capital
Limited ("Catalyse").
The Facility enables the Company to drawdown a total of
GBP250,000 over two tranches in January and February 2024 (the
"Loan"). The proceeds will be used principally to continue
advancing priority Prefeasibility Study ("PFS") activities, with a
focus on metallurgy, for the Monte Muambe rare earths project.
The Loan has a repayment date of 20 December 2024 and carries a
fixed interest rate of 20% per annum. Catalyse will also receive
warrants equal to 100% of the loan value plus interest, with a
four-year expiration date from the drawdown. The exercise price of
the warrants is the lower of 2.5 pence each or the price of any
equity placing the Company may carry out over the next 24
months.
Catalyse may elect to receive the due interest and capital in
Altona ordinary shares at the lower price of either 2.5 pence or
the price of any placing the Company may carry out during the
period while the Loan is unpaid.
Cédric Simonet, CEO of Altona, commented:
"The Company has produced all the deliverables planned at the
June 2023 fundraise in the use of proceeds, including the maiden
Mineral Resource Estimate, the Scoping Study, the increased holding
in Monte Muambe to 51%, the Mining License application, as well as
initial Phase 3 in-fill drilling at Target 4.
"The Company is now assessing various options to fund the entire
PFS, taking into consideration the current market conditions and
the best interest of its shareholders.
"Catalyse has previously shown its support to the Company and
this loan facility will enable us to continue advancing
high-priority PFS activities over the coming months, bridging us
while avoiding an unnecessary dilutive placing in the current
market environment."
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
To subscribe for RNS alerts, please visit :
https://www.altonare.com/investors/regulatory-news-alerts/
-ends-
Altona Rare Earths Plc
Cédric Simonet, CEO +44 (0) 7778 866 108
Christian Taylor-Wilkinson, Business Development +44 (0) 7795
168 157
Novum Securities Ltd (Corporate Finance) +44 (0) 20 7399
9400
David Coffman
Daniel Harris
Allenby Capital Ltd (Joint Broker) +44 (0)20 3328 5656
Kelly Gardiner / Guy McDougall (Sales)
Nick Athanas (Corporate Finance)
Optiva Securities (Joint Broker) +44 (0) 20 3411 1882
Daniel Ingram
Yellow Jersey PR (Financial PR) +44 (0) 20 3004 9512
Sarah Hollins
Annabelle Wills
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 W orld's ongoing 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 currently holds 51%. Altona 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.
The Project is now entering its Prefeasibility Study stage.
Altona continues to take advantage of its position in Africa to
assess other possible Rare Earths opportunities on the
Continent.
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