Altona Energy secures two million-pound financing facility

Altona Energy, the AIM-listed energy company, has entered into a two million-pound equity financing facility (EFF) with Darwin Strategic, a majority owned subsidiary of Henderson Global Investors' Volantis Capital.

The EFF agreement with Darwin and Henderson Volantis provides Altona with a facility of up to £2.0m, which -subject to certain limited restrictions- can be drawn down at any time over the next three years.

Altona reported that it was under no obligation to make a draw down and could make drawdowns at its discretion, up to the total value of the EFF, by way of issuing subscription notices to Darwin.

In conjunction with the EFF, Altona disclosed that it had entered into a warrant agreement with Darwin dated April 12th, to subscribe for up to 4.5m ordinary shares, such warrants to be exercisable for up to 36 months at a 30% premium to closing mid-market price from the date of the warrant agreement.

Christopher Lambert, Chairman of Altona Energy, commented: "This new £2.0m facility gives Altona access to efficient, cost effective financing, as needed. The facility can be used entirely at our discretion and considerably de-risks our future financing."

Altona Energy's share price was up 4.0% to 1.30p at 09:48 on Monday.

MF