Total
0
Shares
Altura Mining (ASX:AJM) - Managing Director, James Brown
Managing Director, James Brown
Source: Finance News Network
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Altura Mining (AJM) is planning to raise $2 million in additional capital for its Mallina and Fish Lake lithium projects
  • The materials stock is offering a 1 for 8.5 pro-rata non-renounceable entitlement offer to eligible shareholders, with new shares worth 0.5 cents each
  • AJM also flagged plans to raise $6.5 million in capital via an equity raise to institutional and sophisticated investors back in October
  • Company shares have been suspended from trading on the ASX since August last year, with AJM securities previously priced at 7 cents each
  • Altura is planning to change its name to Morella Corporation and be re-admitted to quotation by the end of 2021

Altura Mining (AJM) is planning to raise $2 million in additional capital for its Mallina and Fish Lake lithium projects.

The materials stock has announced a 1 for 8.5 pro-rata non-renounceable entitlement offer, with new shares worth 0.5 cents each.

The issue price is a considerable discount to the company’s last traded price of 7 cents per share. However, AJM has been suspended from trading since August 2020.

The new entitlement offer will open on November 19 and close on November 30, with more than 400 million new shares to be issued under the entitlement offer.

The money will help advance Mallina, AJM’s asset in the Pilbara region of WA, as well as the Nevada-based Fish Lake Lithium Project.

Altura previously announced in October it would raise $6.5 million in extra capital via an equity raise to institutional and sophisticated investors.

AJM also announced plans last month to change the company’s name to Morella Corporation, to better reflect it’s focus on battery materials.

The name-change will be decided at an upcoming Annual General Meeting of shareholders which is due to occur at the end of the month.

Altura said it was hopeful of being re-admitted to quotation on the ASX by the end of the year, once its capital raises and name change were completed.

Altura Mining shares last traded for 7 cents each.

AJM by the numbers
More From The Market Herald
Vimy Resources (ASX:VMY) - Interim CEO, Steven Michael

" Vimy Resources (ASX:VMY) advances controversial Mulga Rock Uranium Project

Vimy Resources (VMY) has submitted a notification of ‘substantial commencement’ for the Mulga Rock Uranium Project in Western Australia.

" Dynamic Group (ASX:DDB) secures six short term contracts worth up to $14.1m

Dynamic Group (DDB) has secured six short-term contracts through its wholly-owned subsidiaries, Orlando Drilling and Drill & Blast.

" Horseshoe Metals (ASX:HOR) completes ASX requirements for potential relisting

Horseshoe Metals (HOR) has completed the activity requirements for the ASX to consider lifting its suspension from trading.
Bardoc Gold (ASX:BDC) - CEO, Robert Ryan

" Bardoc Gold (ASX:BDC) confirms extensions of Zoroastrian deposit

Bardoc Gold (BDC) has announced most recent assay results from the Zoroastrian deposit within its namesake project “exceeded expectations”.