Altona Rare Earths PLC (LSE: REE) has raised £507,450 through a combination of a share subscription and warrant exercises. The fundraising consists of £407,450 from new subscriptions and a further £100,000 from warrant exercises, with directors including CEO Cédric Simonet and CFO Louise Adrian participating via cash and salary sacrifice.
The blended issue price for the new ordinary shares was set at 1.5 pence, offering a slight discount to the market rate.
Proceeds from the raise are earmarked to advance multiple development initiatives at the Monte Muambe project in Mozambique. Key activities include resource drilling, advanced metallurgical studies, a scoping study, environmental permitting, and initial geophysical surveys. The funds will also support exploration of a promising gallium discovery and the pursuit of a strategic partner to help develop the rare earths component of the project.
Investors can take additional confidence from Altona’s results at Monte Muambe, where independent lab assays of trench samples confirmed exceptionally high-grade fluorspar mineralisation, with calcium fluoride (CaF₂) grades ranging between 69.72% and 93.31%
These grades control strongly support the business case for a 50,000 tpa acid-grade fluorspar operation, reinforcing the project’s commercial potential and guiding upcoming drilling and metallurgical programmes.
The share placement, backing from directors, and high-grade assay results combine to strengthen Altona’s position as it progresses its diversified portfolio of critical raw materials, including rare earths, fluorspar, gallium, and exploration assets like the Sesana Copper–Silver project in Botswana. The company is also actively pursuing strategic partnerships to accelerate development.
For more information, please visit www.altonare.com
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