Altona Rare Earths Plc (LON: REE) began its journey on London’s principal market, transitioning from the Aquis Exchange.
The company saw its shares surge to 6.25p on the initial trades, following a fundraising event that generated £2 million at a share price of 5p.
The raised capital consisted of an oversubscribed placing amounting to £1.68 million, along with a subscription contribution of £322,700.
Legal professional Simon Charles has been instated as an independent non-executive director effective immediately. Charles, a senior partner at City law firm Marriott Harrison, previously served in the corporate finance division of broker Numis Securities. His expertise lies in areas such as acquisitions, disposals, director duties, equity and debt fundraising, and shareholders’ rights.
The company recently announced a change in leadership. Chief Executive Christian Taylor-Wilkinson is stepping down, passing the baton to Chief Operating Officer Cédric Simonet. Additionally, Louise Adrian has joined the board as the Chief Financial Officer, effective immediately.
Newly appointed CEO Simonet highlighted the growing global supply deficit for critical Magnet Rare Earths. He expressed optimism that Altona’s recent admission to the London Stock Exchange’s main market will substantially assist in maximizing the potential of their premier asset, Monte Muambe, aligning with their ambition to be a rare earth producer in Africa.
Simonet shared that the company’s immediate focus is on “short-term deliverables” for the Monte Muambe project. This includes a maiden JORC mineral resource estimate and scoping study, increasing the company’s stake in the project to 51%, initiating a pre-feasibility study, and submitting a mining concession application.
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