Altona Energy PLC Update on Subscription and JV Contribution (1324M)
January 18 2016 - 2:00AM
UK Regulatory
TIDMANR
RNS Number : 1324M
Altona Energy PLC
18 January 2016
18 January 2016
Altona Energy Plc
("Altona" or "the Company")
Update on Subscription and Joint Venture Contributions
Altona (AIM: ANR) provide the following update with regards to
the subscription for shares by Sino-Aus Energy Group Limited
("Sino-Aus") and the cash contributions due to be received by
Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the "Joint
Venture Company").
As announced on 23 December 2015, Altona expected to receive
GBP0.5 million by way of subscription for 100 million ordinary
shares in the Company at a price of 0.5 pence per share, from
Sino-Aus by mid-January 2016.
The Company has been informed by Sino-Aus that the subscription
monies will be paid by 5 February 2016. The reason for the delay is
because, as a British Virgin Islands registered company, Sino-Aus
has significant regulatory requirements in making international
transfers from China. Alternative arrangements are being put in
place to facilitate this payment.
In addition, on 16 December 2015, it was announced that, by 15
January 2016, Sino-Aus would pay its first tranche contribution
into the Joint Venture Company, of AUD$5.4 million and Wintask
Group Limited ("Wintask") would pay its initial contribution of
AUD$0.6 million. Qinfu Zhang, in his capacity as Chairman of
Wintask, has confirmed that Wintask's initial contribution will be
made by 29 January 2016. Sino-Aus' contribution will be made as
soon as the necessary banking arrangements can be put in place.
Mr Qinfu Zhang, Executive Chairman of Altona commented:
"There are significant restrictions in place regarding the
opening of bank accounts in China and Hong Kong and this has caused
an unfortunate delay in receipt of both the subscription monies due
to Altona and the initial contributions to the Joint Venture
Company. However we do not expect these delays to have a
significant effect on the overall timescale of the project."
-ends-
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy plc +44 (0)7555
Qinfu Zhang, Executive Chairman 679 245
Leander (Financial PR) +44 (0)7795 168
Christian Taylor- Wilkinson 157
Northland Capital Partners Ltd
(Nomad and Broker)
Matthew Johnson / Gerry Beaney
(Corporate Finance) +44 (0)20 738
John Howes (Corporate Broking) 1100
About Altona
Altona is listed on the London Stock Exchange's AIM market. Its
principal focus is on the evaluation and development of the
Company's flagship Arckaringa Project to exploit the significant
coal resources contained in three exploration licences covering
2,500 sq. kms in the northern portion of the Permian Arckaringa
Basin in South Australia. The Project is designed to produce syngas
products for the Australian market and export from a resource
exceeding 7.8 billion tonnes of coal (1.3 billion tonnes JORC
compliant).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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