share
Others
Altona Rare Earths signs short-term loan to fund Mozambique project costs
24, Nov 2022
81 Views
10 November 2022: Altona (AQSE: ANR), a rare earths exploration, development and mining company, announces that it has entered into a short-term loan facility ahead of its proposed admission to the London Stock Exchange (“Admission”).
The Company is able to drawdown £150,000 in two tranches during November, from Align Research Investments Ltd, in order to complete its 2022 operations programme and provide funds for the assay costs at its Monte Muambe rare earths project in Mozambique.
The loan has a repayment date of the earlier of either Admission or 31 January 2023 and carries a fixed interest rate of 15%. Align will also receive warrants equal to 150% of the loan value, with a three-year expiration date from drawdown. The exercise price of the warrants is the lower of 12p each or the price of any placing the Company may carry out during the next 18 months.
Align may elect to receive the due interest and capital in Altona ordinary shares at the lower price of either 8 pence, or the price of any placing the Company may carry out during the period while the loan is unpaid.
Christian Taylor-Wilkinson, Chief Executive of Altona, commented: “In order to publish this year’s high-value milestone, the Mineral Resource Estimate in Q1 2023 as per our published strategy, we felt that taking this loan facility was the best course of action.
“We chose to work with Align Research as their model of assisting companies with short term finance allowed us to prevent further equity dilution ahead of the proposed Admission.”
READ: Mozambique: Altona Rare Earths provides Monte Muambe update
About Altona Rare Earths Plc
Altona is a mining exploration company focused on the evaluation, development and extraction of Rare Earth Element (REE) metals in Africa. It owns a REE mining project in Mozambique; the Monte Muambe Project, a significant Light
REE mining project in the northwest of the country. Resource Drilling commenced in April 2022 and it will publish a maiden Resource Estimate in Q1 2023, and a Scoping Study in Q2 2023. The Company is in the process of investigating other REE opportunities in Africa.
Source: Altona Rare Earths Plc / Media Release
share Share now
Related Posts
Others
There is evidence for extradition to Mozambique of kidnapping mastermind arrested in South Africa
17, Jan 2023
91 Views
Others
There is a risk of cholera outbreak in Maputo City
12, Jan 2023
89 Views
Others
Stewart Sukuma is an honorary citizen of Quelimane
28, Dec 2022
87 Views
Others
CityLink suspended conveyor
20, Dec 2022
95 Views
Others
Maputo river flow is above alert level
19, Dec 2022
74 Views
Others
Mozambique: Nyusi inaugurates heavy sands project in Chibuto – Watch
05, Dec 2022
95 Views
Others
Mozambique: NGO warns that oil and gas sector is vulnerable to corruption
05, Dec 2022
84 Views
Others
15 years after HCB reversion to Mozambique, still little benefits for Mozambicans – A Verdade
01, Dec 2022
90 Views
Others
Mozambique: ‘Casas da Katembe’ works enter final stage
01, Dec 2022
98 Views
Others
Mozambique could reach over 500 MW of electricity from renewable sources – Watch
30, Nov 2022
79 Views
Others
Mozambique: Tete Governor delivers DUATs in Ndaula, Dómuè
29, Nov 2022
104 Views
Others
Mozambique: EDM announces record in new connections
28, Nov 2022
84 Views
Others
President announces reinforcement of military security cordon in the north of Cabo Delgado – RM
25, Nov 2022
78 Views
Others
Zimbabwe’s Zesa bids to build 1 500MW hydropower plant in Mozambique – report
24, Nov 2022
83 Views
Others
Mozambique: Belgium announces €25M for renewables – Lusa
24, Nov 2022
87 Views
Others
Mozambique: Nyusi announces first export of LNG from Cabo Delgado – Watch
24, Nov 2022
78 Views
Others
South Africa’s Eskom says Mozambique’s EDM owes it R1 billion
24, Nov 2022
70 Views
Others
Mozambique: A step forward in promoting extractive industries transparency
24, Nov 2022
72 Views
Others
The government of Mozambique aims to develop two 30 MW projects in northern and west-central regions
24, Nov 2022
70 Views
Others
Mozambique kicks off tender for 60 MW of solar
24, Nov 2022
81 Views
Others
Mozambique: Eni discussing second offshore LNG platform with government
24, Nov 2022
91 Views
Others
Mozambique: Specific regulations needed for off-grid energy production
24, Nov 2022
78 Views
Others
Belgium helps energy transition in Mozambique with 25 million euros
18, Nov 2022
95 Views
Others
European Union Disburses €420 Million for Trade and Investment Facilitation in Mozambique
15, Nov 2022
75 Views
Others
Greater Maputo: Real estate market recovers from crisis
28, Oct 2022
88 Views
Others
MJZ Arquitectos receives prestigious award for The Palm 313, in Chocas beach, Mozambique
28, Oct 2022
89 Views
Others
Mozambique: Construction industry welcomes RadX Construction
28, Oct 2022
262 Views
Others
Government invests 3 billion in agricultural research over the next two and a half years
28, Oct 2022
73 Views
Others
Government invests 3 billion in agricultural research over the next two and a half years
28, Oct 2022
78 Views
Others
Mozambique: Government considering privatising airline, telecom company
27, Oct 2022
83 Views
Others
Mozambique: Insecurity stops more investment – Standard Bank
01, Aug 2022
107 Views