25 Jan 2016 07:00
25 January 2016
Altona Energy plc
("Altona" or "the Company")
Subscription Update and Joint Venture Contribution
Altona (AIM: ANR) is pleased to announce that, further to the announcement of 18 January 2016, the subscription funds of £0.5 million due from Sino-Aus Energy Group Limited ("Sino-Aus") have been received by the Company. Consequently Altona will now issue Sino-Aus with 100 million ordinary shares in the Company at a price of 0.5 pence per share ("New Ordinary Shares") representing 11.2 per cent. of the enlarged share capital.
The Company also announces that its joint venture partner, Wintask Group Limited ("Wintask"), has made a contribution of AUD$0.6 million into the joint venture company, Arckaringa Coal Chemical Joint Venture Co Pty Ltd, thereby completing its first tranche payment in accordance with the Deed of Variation, announced on 5 November 2015.
Altona will update the market when the first tranche contribution of AUD$5.4 million is received from Sino-Aus into the joint venture company.
Application has been made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the existing shares in issue, to be admitted to trading on AIM, and admission is expected to become effective on 28 January 2016.
Total Voting Rights
The Company's total issued share capital after the admission of the New Ordinary Shares will be 891,956,853 ordinary shares with each share carrying the right to one vote. This figure of 891,956,853 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Qinfu Zhang, Executive Chairman
| +44 (0)7555 679 245
|
Leander (Financial PR) Christian Taylor- Wilkinson
| +44 (0)7795 168 157 |
Northland Capital Partners Ltd (Nomad and Broker) Matthew Johnson / Gerry Beaney (Corporate Finance) John Howes (Corporate Broking)
| +44 (0)20 738 1100 |
About Altona
Altona is listed on the London Stock Exchange's AIM market. Its principal focus is on the evaluation and development of the Company's flagship Arckaringa Project to exploit the significant coal resources contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The project is designed to produce syngas products for the Australian market and export from a resource exceeding 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant).