ALT Resources (LSE:ALTR) said it has secured £208,750 of commitments to advance a proposed reverse takeover of Tartana Minerals and seek admission to trading on AIM, split between £100,000 of committed subscriptions and £108,750 of unsecured convertible loan notes.
The proceeds are intended to consummate the Proposed Transaction and facilitate Admission, and ALT Resources describes itself as a company pursuing opportunities in mining, precious metals and critical minerals.
The Proposed Transaction would, if completed, constitute a Reverse Takeover under the FCA's Listing Rules because it would result in a fundamental change in the business.
The CLNs are convertible into shares by dividing their nominal value by the price per share placed with new investors as part of the Admission process, and if Admission has not occurred by 4 February 2027 they must be redeemed at their nominal value.
The commitments come from certain investors and ALTR is working with advisers to complete due diligence on the Proposed Transaction ahead of a further update to shareholders.
