1st Jun 2023 17:35
Altona Rare Earths PLC - London-based mining exploration company - Announces the publication of its prospectus in respect of the proposed admission to the Official List and to trading on the London Stock Exchange's Main Market. Expects admission June 9. Further, raises GBP2.0 million via oversubscribed GBP1.7 million placing and subscription of GBP322,700 through the issue of 40 million shares at 5 pence each. Funds will be used to complete Altona's maiden compliant mineral resource estimate and a scoping study for its flagship asset, Monte Muambe Rare Earths mining project in Mozambique, which is expected to be published in August. In addition, says in line with the company transitioning into a highly technical phase of exploration and development at admission, Christian Taylor-Wilkinson will step down as both chief executive and director. Cedric Simonet, the chief operating officer, will be appointed chief executive officer at admission.
Current stock price: 7.25 pence
By Jeremy Cutler, Alliance News reporter
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