Altona Resources is still waiting for the second tranche of money from its Chinese investor.
Tongjiang International Energy’s second tranche of shares should have been subscribed for by 9 May. Altona is expecting to receive £2.57m at 4.85p a share. The share issue has been delayed but it is expected to take place on or before 6 June.
Altona shares have dipped 0.125p to 4.625p, which is below the subscription price.
The money for the third and final tranche is due on 30 June. Tongjiang plans to subscribe £8m at 4.85p a share. It is unclear whether the timing of this will be affected by the delay to the second tranche.
The cash is going towards the development of the Arckaringa coal-to-liquid project in South Australia. Assuming all three tranches of investment are completed Tongjiang will have invested £11.62m for a 45.9% stake in Altona.
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