(“Altona” or “the Company”)
RESULT OF OPEN OFFER
OVERVIEW OF NEW STRATEGIC DIRECTION
Altona (AQSE: ANR.PL), a mining exploration company, announces that it has taken the decision to cancel the Open Offer, due to it not raising the minimum amount required to acquire the Petroleum Exploration Licence Application, it was pursuing in
The board will not seek another coal mining licence in
Since the start of April, when the board considered that the Open Offer might not receive a sufficiently high enough level of shareholder support, the Company has been in discussions with three companies, all of which are looking to acquire an
It is hoped that a suitable non-binding heads of terms agreement for this transaction will be reached in the coming weeks.
It is expected that a further fund raise will need to be completed in order to cover the costs of the reverse takeover process. However, due to the lack of interest from shareholders in supporting the Company, as shown by the response to the Open Offer, the board is now speaking with potential brokers with the view of raising funds through more traditional channels.
All three of the above companies have indicated that they would be able to bring new capital investment into the “NewCo”.
Failure to enter into a transaction, such as contemplated above, in short order is likely to leave the Company which insufficient funds to continue as a going concern.
The Company will keep shareholders apprised of the situation once an outcome has been determined.
For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Christian Taylor-Wilkinson, Interim CEO +44 (0) 7795 168 157 Philip Sutherland, Non-Executive Director +61 (0)402 440 339 Alfred Henry Corporate Finance Ltd(Aquis Corporate Adviser) Jon Isaacs/ Nick Michaels+44 (0) 20 3772 0021 Leander (Financial PR) +44 (0) 7795 168 157
Altona is a mining exploration company focused on the evaluation, development and extraction of minerals.
The Company was admitted to trading on AIM on