22nd Aug 2025 14:28
(Alliance News) - Altona Rare Earths PLC on Friday said it has raised a further nearly GBP345,000 of funding through a subscription and exercise of warrants.
The Africa-focused resource exploration and development said it has received an additional GBP344,500 in funding from existing shareholders, increasing its total proceeds to GBP851,950 from GBP507,450.
Comprising the total fundraise, the subscription was for 9.6 million new shares at 3.6 pence each, while the transfer and subsequent exercise of 40.5 million warrants were done at an exercise price of 1p over 40.5 million shares.
As a result, Altona said the blended average price per each newly issued share under the overall fundraise was 1.5p.
"I am delighted and grateful to see the strong support of our shareholders materialise in this additional funding. The proceeds strengthen the company's ability to deliver short term advances on the fluorspar, gallium and rare earths fronts," said Chief Executive Officer Cedric Simonet.
"With multiple workstreams progressing in parallel, we look forward to providing shareholders with a steady flow of strategic operational and commercial updates."
Shares in Altona Rare Earths were flat at 1.50 pence in London on Friday afternoon. The stock is down 3.2% over the past year.
By Emily Parsons, Alliance News reporter
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