Rare earths exploration company Altona intends to apply for admission of its ordinary shares to the Standard Segment of the Official List and to trading on the LSE’s main market for listed securities.
Admission to trading of the company's ordinary shares on the AQSE Growth Market will be cancelled simultaneously with admission to the LSE.
It is also proposed that, on admission, the company will change its tradable instrument display mnemonic to REE.
Concurrently with admission, the company is also seeking to raise funds to satisfy its working capital requirement for a period of 12 months from admission, by way of a placing of new ordinary shares.
Altona will use the proceeds raised to finance its current and future rare earths mining projects in Southern and Eastern Africa.
The directors believe an LSE listing will provide access to the future capital it will need to develop its asset portfolio and be of benefit when negotiating acquisitions in Africa.
It will also increase liquidity in the company’s shares.
The directors currently anticipate that admission will become effective during May.
“Our move to the LSE main market signals the greater maturity of the Altona business and the increasing opportunity within the sector. It supports our strategy to develop the significant rare earth asset at Monte Muambe, in Mozambique, where we have seen exploration success, while pursuing other rare earth exploration and acquisition opportunities.
“Our goal is to fill a significant gap in the market as global demand for neodymium and praseodymium and the other critical metals continues to rise. Altona has spent the last two years building its African infrastructure, including local partners, highly experienced directors and resource ministry relations.
“The growth of this rare earth asset platform means now we can both be nimble and responsive to opportunities, as well as able to implement long-term development plans across different countries within Africa,” says CE Christian Taylor-Wilkinson.