25th Jan 2016 09:54
LONDON (Alliance News) - Altona Energy PLC on Monday said it has received the GBP500,000 in subscription funds due from Sino-Aus Energy Group Ltd, after warning last week that the payment would be delayed.
Sino-Aus subscribed to 100 million Altona shares at a price of 0.5 pence per share back in December, with Altona originally expecting to secure the funds sometime in the middle of January.
However, Sino-Aus said last week it would not make the payment until February 5, as it had "significant regulatory requirements in making international transfers from China" because it is a British Virgin Islands registered company.
Since receiving the funds, Altona said on Monday it will now issue Sino-Aus with the 100 million shares, which represents a 12.6% stake.
Sino-Aus is one of Altona's partners on the Arckaringa coal project in Australia, along with Wintask Group Ltd. Under the joint venture, Sino-Aus was also expected to have paid a AUD4.5 million contribution earlier this month, while Wintask was expected to have paid a AUD0.6 million contribution.
On Monday, Altona said Wintask had paid its contribution, but it was still waiting on Sino-Aus to make its payment.
Shares in Altona were trading up 17% at 0.700 pence on Monday morning, following the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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