Altona Energy Regulatory News (ANR)

6 May 2008 17:09

Altona Resources PLC06 May 2008 Altona Resources Plc / Index: AIM / Epic: ANR / Sector: Exploration & Production 6 May 2008 Altona Resources Plc ("Altona" or "the Company") EGM Statement Altona Resources Plc, the AIM listed Australian based energy company, advisesthat at today's Extraordinary General Meeting ("EGM") of the Company, allresolutions in relation to the share subscription with Tongjiang InternationalEnergy Co. Ltd ("Tongjiang") have been duly passed. As announced on 26 February 2008, Altona signed a share subscription agreementwith Tongjiang to raise £11,618,000 through the placing of 240 million newordinary shares. The funds raised will be used to provide the Company with asubstantial part of the funds required to complete the final stage of thebankable feasibility study for Altona's 10 million barrel per yearcoal-to-liquids and 560MW co-power generation Arckaringa Project in SouthAustralia. Following the successful completion of the EGM and under the terms of theAgreement, Tongjiang will complete the second and third tranches as follows: • Tranche 2 - Tongjiang will invest a further £2,570,500 by way of a subscription for 53,000,000 Shares at 4.85p per share to be completed by 9 May 2008; and • Tranche 3 - Tongjiang will invest a further £8,002,500 by way of a subscription for 165,000,000 Shares at 4.85p per share to be completed by 30 June 2008. Following the completion of Tranche 2 and 3, Tongjiang will have a 45.9%interest in the issued share capital of the Company. Altona Chairman Chris Lambert said, "We are delighted with the result of the EGMto enable us to move forward and complete the share subscription with Tongjiang.Through Tongjiang we look forward to developing relationships in China,including potential off-take agreements as well as building new contacts withpotential project financiers and engineering companies. On behalf of the Board,I would like to thank all of the Altona shareholders who have voted today andreiterate my firm belief that we are now entering into an exciting new phase forthe Company." Application will be made to the London Stock Exchange for the Shares in respectto Tranche 2 to be admitted to trading on AIM and it is expected that admissionwill be become effective and that trading in the Shares will commence on 15 May2008. Following the completion of Tranche 2, Tongjiang will hold 75,000,000shares, representing 20.9% of the Company's enlarged issued share capital. The total number of ordinary shares in issue following the completion of Tranche2 will be 358,165,784. **ENDS** For further information visit www.altonaresources.com or please contact: Christopher Lambert Chairman Tel: +44 (0) 207 024 8391Christopher Schrape Managing Director Tel: +61 (0) 417 984 434Hugh Oram Nabarro Wells & Co. Limited Tel: +44 (0) 207 7634 4860Alastair Stratton Matrix Corporate Capital LLP Tel: +44 (0) 207 925 3300Victoria Thomas St Brides Media & Finance Tel: +44 (0) 207 236 1177 This information is provided by RNS The company news service from the London Stock Exchange