Altona Rare Earths (LSE:REE) successfully raised £600,000 through the exercise of existing warrants. The funds will be used to fully repay a debt facility with Tracarta Limited.
This follows a previous £851,950 raise in August 2025, which is being used to advance the fluorspar scoping study at Monte Muambe, where drilling is already underway. An operational update is expected soon.
In addition, Altona has extended its remaining £500,000 debt facility with Catalyse Capital Limited (CCL) until 30 October 2026, under the following terms:
- 12% annual interest
- Conversion option at 2.5p per share
- 10% reprofiling fee, payable in shares at 1.5p
To satisfy the reprofiling fee, Altona will issue 3.33M new shares, pending shareholder approval at the next AGM.
Furthermore, lenders have opted to receive £132,000 in accrued interest as equity, resulting in the issuance of 13.2M new shares at 1p per share.
Altona also announced the appointment of Zeus Capital Limited as its new corporate broker.
All new shares (totalling 53.2M) will be admitted to trading on the London Stock Exchange around 17 October 2025, bringing the total share capital to 291,864,306.
Cédric Simonet, CEO of Altona Rare Earths commented, “I am delighted to see the strong interest Altona’s portfolio and value proposition generates in the investment community, and how it materialised in this additional funding which was an unsolicited approach by largely industry specialists. The proceeds enable us to significantly reduce the Company’s debt, with the remaining balance extended by a further year. With a cleaner balance sheet, this puts the Company in a much stronger position to capitalise on the results of its current workflows and to create long-term value for our shareholders. I would like to personally thank Richard Jennings and Catalyse Capital for their unwavering support of the company over a number of years now and continued belief in our assets. Without their assistance the future profile of Altona would look very different.”
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