Altona Energy secures two million-pound financing facility

published 15 April 2013

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.

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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.