Client NewsAltona Rare Earths Plc: Issue of Equity
Altona (AQSE: ANR), a mining company focused on the evaluation and development of rare earths mining projects in Africa, announces that, as per the agreement signed by the Company in June 2021 with Ussokoti Investimentos Lda and Monte Muambe Mining Lda (“MMM”), the Company has issued 1 million Altona ordinary shares and made a cash payment of £40,000 to the original shareholders of MMM.
The Company has so far satisfied one of the terms required to increase its holding in MMM, namely, the completion of the Phase 1 work programme at Monte Muambe, to the satisfaction of both Monte Muambe Mining Lda and Altona. It is in the process of receiving statutory approvals from the Mozambique government and, once these are received, it will make a payment for capital gains tax with respect to the transfer of a further 19% of MMM shares to Altona. Thereafter, the Company’s holding in Monte Muambe Mining Lda will have increased to 20%.
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