18 Jan 2016 07:00
18 January 2016
Altona Energy Plc
("Altona" or "the Company")
Update on Subscription and Joint Venture Contributions
Altona (AIM: ANR) provide the following update with regards to the subscription for shares by Sino-Aus Energy Group Limited ("Sino-Aus") and the cash contributions due to be received by Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the "Joint Venture Company").
As announced on 23 December 2015, Altona expected to receive £0.5 million by way of subscription for 100 million ordinary shares in the Company at a price of 0.5 pence per share, from Sino-Aus by mid-January 2016.
The Company has been informed by Sino-Aus that the subscription monies will be paid by 5 February 2016. The reason for the delay is because, as a British Virgin Islands registered company, Sino-Aus has significant regulatory requirements in making international transfers from China. Alternative arrangements are being put in place to facilitate this payment.
In addition, on 16 December 2015, it was announced that, by 15 January 2016, Sino-Aus would pay its first tranche contribution into the Joint Venture Company, of AUD$5.4 million and Wintask Group Limited ("Wintask") would pay its initial contribution of AUD$0.6 million. Qinfu Zhang, in his capacity as Chairman of Wintask, has confirmed that Wintask's initial contribution will be made by 29 January 2016. Sino-Aus' contribution will be made as soon as the necessary banking arrangements can be put in place.
Mr Qinfu Zhang, Executive Chairman of Altona commented:
"There are significant restrictions in place regarding the opening of bank accounts in China and Hong Kong and this has caused an unfortunate delay in receipt of both the subscription monies due to Altona and the initial contributions to the Joint Venture Company. However we do not expect these delays to have a significant effect on the overall timescale of the project."
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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).