Altona Energy To Raise GBP500,000 Via Loan Note Subscriptions (ALLISS)

LONDON (Alliance News) - Altona Energy PLC on Friday said it intends to raise up to GBP500,000 ...

Alliance News 11 January, 2019 | 11:36AM
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LONDON (Alliance News) - Altona Energy PLC on Friday said it intends to raise up to GBP500,000 through subscription commitments for unsecured convertible loan notes.

The funding is conditional on Altona Energy appointing a replacement nominated adviser, as its current nomad Northland Capital Partners Ltd will be removed from the register of nominated advisers at the start of February.

Shares in the mining company were up 2.2% at 71.55 pence on Friday.

Proceeds from the notes will go towards working capital purposes as well as further Altona's coal and pyrolysis oppurtunities.

The notes are to be issued in equal trances to two private investors, and can be convertible in multples of GBP5,000 into Altona shares at a conversion price of 150 pence per share.

Interest will be paid at the rate of 7% per annum on the outstanding under the notes.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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