Altona Energy looks to raise £500,000, warns of administration risks

Mining exploration company Altona Energy issued an update on its crowdfunding efforts on the NR Private Market.

Altona said that it was still looking to raise up £500,000 from private investors at a discounted price of 6.5p each and would continue to do so until 11 November.

While Altona stated that its immediate working capital requirements had been "significantly reduced" over the past two years, the financial position of the company was still such that it could not execute its business plan without immediate funding.

Altona cautioned that if the fundraising on the NR Private Market was not successful, the proposed strategy would not be able to go ahead and warned that it was possible that the company would be forced into administration.

As of 1310 GMT, Altona shares remained suspended from trading.