Altona Energy (GB:REE) has released an update.
Altona Rare Earths PLC has successfully raised £1,290,000 through a mix of share subscriptions and new loan facilities, primarily backed by Tracarta Limited, to fund its ongoing critical raw materials projects in Africa. The funds are earmarked for advancing the Monte Muambe rare earths project, acquiring copper projects, and initiating exploration with a goal to drill boreholes by year-end. Loan terms have been set with a 12% interest rate and a maturity date of October 2025, alongside the conversion of existing loan facilities and issuance of new shares to directors and creditors.
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