Join on WhatsApp
Join on Telegram
Rabat – Aterian, a US-based company specializing in African mineral resources, announced earlier this week the issuance of £500,000 through convertible loan notes (CLNs).
The funding injection marks a significant milestone for the company, enabling it to accelerate its exploration endeavors across the continent.
In a statement, President Charles Bray emphasized the importance of this capital infusion, stating that the capital “has been raised at a high price and in a challenging context of equity financing for small caps.”
He further elaborated on the strategic implications of the funding, highlighting the company’s readiness to initiate key initiatives, particularly in Morocco.
Aterian PLC intends to channel the net proceeds from the CLN issuance to bolster its exploration drilling program in Agdz, Morocco.
In addition, the funding will support the advancement of operations in Rwanda and Botswana.
Bray expressed gratitude towards the investors for their trust and ongoing support, emphasizing their belief in the company’s vision and strategy.
“We are deeply grateful for the trust shown by our investors, and their ongoing support underscores their faith in our vision and strategy,” he said.
The President also emphasized the alignment between management and shareholders, sharing the collective effort towards value creation.
“These capital raises strengthen and underscore the alignment between management and shareholders in driving the company’s strategy,” he said.
In Morocco, Aterian currently manages a portfolio of 17 primarily copper and silver projects, covering 897 square kilometers. The company holds 100% interest in the exploration permits.
These projects are targeting copper and silver, as well as base metals that are experiencing growing demand globally due to a shift towards electrification and use in renewable energy production.
Read Also: Aterian Plc Uncovers Substantial Copper Reserves in Morocco’s Atlas Region
