Altona Resources is talking to a Chinese investor about a significant new investment.
Altona is developing the Arckaringa coal-to-liquid and power generation project in South Australia. It will need a substantial amount of money to get this project up and running. This investment would give it a large chunk of the cash it needs to complete a banking feasibility study. A pre-feasibility study should be completed in the first quarter of 2008.
The investment will be in the form of shares and the placing price would be no more than 4.85p a share.
At the end of June 2007 Altona has £1.64m in cash.
After an initial rise the shares fell back to their opening price of 6.125p. They have still doubled so far this year.
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