Altona Rare Earths has confirmed its move to the standard section of the main market from Aquis following the completion of a £2mln fundraise.
Funds came in the form of £1.72mln placing at 5p per share and a subscription for £279,000 worth of shares at the same price.
That amount raised compares with Altona’s original target of £1.25mln.
Altona added the cash will be used to complete a maiden JORC-compliant Mineral Resource Estimate and a Scoping Study at the Monte Muambe Rare Earths mining project in northwest Mozambique.
The study is scheduled to be published in May 2023, following which Altona will be able to increase its holding in Monte Muambe Mining (which owns 100% of Monte Muambe) from 20% to 51%.