News

Aterian Raises £1 Million for Exploration in Morocco and Rwanda

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Andrew R. Michaud

• August 11, 2023

Aterian, a London-listed exploration and development company focused on Africa, has successfully raised £1 million ($1.3 million) through the issuance of new shares. The funds will be used to support ongoing exploration efforts in Morocco and Rwanda, as well as for general working-capital purposes.

Share Issuance at a Premium

Aterian issued 100 million new ordinary shares at a price of 1 pence each, representing an 11% premium to the previous day's closing price of 0.90 pence. Notably, Aterian's Chairman, Charles Bray, who is also the company's largest shareholder, contributed £500,000 to the fundraising effort. This amount includes £200,000 in new equity capital and £300,000 from the conversion of a short-term debt.

Fueling Growth and Sustainability

Bray expressed enthusiasm about the successful fundraising, highlighting the flexibility it provides to help Aterian achieve its goals. He stated, "This fundraising, at a premium to the closing share price, provides us with a tremendous amount of flexibility to pursue our goal of becoming revenue generating and a leading supplier of responsibly sourced critical minerals."

Positive Market Response

Following the announcement, Aterian's shares showed a 5.6% increase at 0.95 pence as of 0729 GMT.