British minerals and metals exploration and development company Aterian plc announced on Thursday that it has issued 100,000,000 new ordinary shares, at a penny apiece, raising £1,000,000 from directors, current investors, and new investors to fund ongoing exploration in Morocco and Rwanda, said the company in a statement.
Charles Bray, the company’s executive chairman and the largest individual stakeholder, acquired £500,000 of the new shares. Aterian’s COO, Luke Rogers, paid £8,000 for 800,000 ordinary shares. Aterian Director and CEO Simon Rollason exchanged three months’ pay for 2,500,000 new ordinary shares (worth £25,000).
The company asserts that this issuance provides sufficient funding to meet all existing and envisaged cash requirements for the ongoing exploration and for general working capital purposes.
The company also said it is seeking new exploration and production opportunities all across the African continent. In the Kingdom of Morocco, Aterian already holds a portfolio of 15 copper-silver and base metal projects, covering a vast area of 762 km2.