(Alliance News) - Aterian PLC on Monday said it has raised a total of GBP140,000 through a private placing, and issues shares to senior management.
The Africa-focused mining company with projects in Botswana, Morocco and Rwanda said it placed 200,000 new shares at 70 pence each, which it said was a nearly 30% premium to the closing price on February 7.
Shares in Aterian were up 1.9% at 55.00 pence each in London on Monday afternoon. The stock has fallen 31% over the last 12 months.
Investors involved in the placing will receive 50% warrant coverage, with each warrant exercisable at a strike price of 70p per share and due to mature on December 30, 2027.
Aterian also on Monday said it has issued 361,000 new shares as part of an employee benefit trust. The new shares will be admitted to trading on the London Stock Exchange by Friday.
"We are pleased to have the support of senior management, which is electing to take an equity incentive as compensation for deferred salaries," said Chief Executive Officer Simon Rollason. "The placing issue price of 70 pence is consistent with our commitment to raise funds at or above this level until our financial position is strengthened from revenue-generating activities.
"We recently announced the restart of trading and intend for the profits to fund operating overheads ultimately. We look forward to updating the market on our progress concerning our trading operations."
By Emily Parsons, Alliance News reporter
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