Altona launches pre-funding campaign on Minexia platform

The AIM-traded firm said the platform offers private investors access to pre-vetted mining deals, allowing them to participate in capital raising events, from which they would normally be excluded due to regulatory status.

It said it was choosing to work with Minexia to prepare for an upcoming fundraise, which it expected to launch on the NR Private Market platform within “the next few weeks”.

The proceeds of a successful fundraise would be used to develop a rare earth element mining project in Malawi with its partner Akatswiri Mineral Resources, as it announced on 2 June, should the due diligence process and contract negotiations be successful.

“The team at Minexia, led by Richard Lloyd, is well-known to Altona and was the natural fit for us when considering how best to raise capital for the proposed investment into the African rare earth element project we are currently evaluating,” said interim chief executive officer Christian Taylor-Wilkinson.

“We chose the non-broker funding route for this placing, specifically to allow private investors a chance to invest at ‘ground level’ into this exciting new strategy.

“We hope also that Altona’s existing shareholders will take this opportunity to be part of our new direction into rare earth mining.”