Altona Rare Earths - a rare earth exploration, development and mining company - will raise 150,000 pounds (more than 11 million meticals) to complete its operational "rare earths" investment program at Mount Muambe in Tete province.

$ANR #ANR #REE
𝗠𝗼𝗻𝘁𝗲 𝗠𝘂𝗮𝗺𝗯𝗲 𝗣𝗵𝗮𝘀𝗲 𝟭
Between August and November 2021, Altona carried out a first Phase of exploration including a complete review of existing data, 2,541m of RC drilling (38 holes), and 590m of Diamond Drilling (5 holes).https://t.co/aWtsLXlE20 pic.twitter.com/ndY1EpbeLB

- AltonaRareEarths (@AltonaRareEarth) November 10, 2022

The mound of an inactive volcano has about and 1.1 trillion tons of minerals in pure form.

The money for the "rare earth" project trials will be funded by Align Research Investments Ltd and can be drawn down in two installments. The first of the two is to be repaid by January 23, 2023.

Align will also receive collateral equal to 150% of the loan amount, with an expiration date of three years from the date of withdrawal.

Align can elect to receive the interest and principal due in Altona common stock at the lower of 8 cents, or the price of any placement the company may make during the period while the loan is unpaid.

"We chose to work with Align Research as a model to assist companies with short-term financing, which allowed us to avoid further equity dilution prior to the proposed admission," said, Christian Taylor-Wilkinson, Altona's Chief Executive.