(Alliance News) - Altona Rare Earths PLC on Friday said it had raised GBP2.0 million through the issue of new shares and will list on London Stock Exchange's Main Market.
The London-based mining exploration company, which has operations in Africa, said it had raised GBP2.0 million as a result of an oversubscribed placing of GBP1.7 million of shares. This comes after Altona had announced plans to raise GBP1.2 million in new capital in early February and plans to move to LSE's Main Market.
The firms said that the use of funds will include Altona's JORC compliant mineral resource estimate, as well as a study for the company's Monte Muambe mining project in orthwest Mozambique. Altona said this will increase its holding in Monte Muambe Mining from 20% to 51%.
Admission is expected to become effective, and dealing in the company's ordinary shares are expected to commence on March 20.
Meanwhile, Altona said its shares will be withdrawn from trading on AQSE on March 17.
Shares were last traded at 5.3 pence on Aquis in London on Friday morning.
By Sabrina Penty; Alliance News reporter
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