Altona Rare Earths Plc (LSE: REE), a mining exploration company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, has commenced trading on the London stock exchange’s main market for listed securities.
Dealings in the company’s ordinary shares of £0.01 each commenced on 9 June 2023 GMT, under the new ticker “REE”.
The company has raised gross proceeds of £2.0M through the issue of 40M new ordinary shares at £0.05 per share through an oversubscribed placing of £1,677,300, and a subscription of £322,700.
On admission, the company will have 82,403,199 ordinary shares in issue.
Cedric Simonet, CEO of Altona, commented, “As the supply deficit for critical magnet rare earths continues to deepen worldwide, today’s admission to the London stock exchange’s main market will significantly contribute to unlocking value in Altona’s flagship asset, Monte Muambe, and its strategy of becoming a rare earth producer in Africa.”
Additionally, Mr. Simon Charles, 52, has been appointed as an independent non-executive director with immediate effect.
Simon is a solicitor and a senior partner at Marriott Harrison LLP, having joined the firm in 2004. He specializes in company law, with a particular emphasis on acquisitions and disposals, directors’ duties, equity and debt fundraising, and shareholders’ rights, in relation to private and public companies.
He has also previously worked at Dechert LLP and a US law firm. Immediately prior to joining Marriott Harrison LLP he spent several years in the corporate finance department of Numis Securities Limited, where he advised private and public companies on debt and equity fundraising, acquisitions, and restructurings.
Simon will be chairman of the compliance committee and chairman of the audit and nominations committees.
Also, Cédric Simonet has been appointed as CEO and Louise Adrian has joined the board as CFO with immediate effect.
“We welcome Louise and Simon to the board and look forward to working closely with them both and receiving the wisdom from their many years of excelling in their chosen fields.” Said Mr. Simonet.
To find out more, please visit www.altonare.com
