Acquisition of Horse Hill interest - update

RNS Number : 5223C

Alba Mineral Resources PLC

16 October 2015

 

16 October 2015

Alba Mineral Resources plc

("Alba" or the "Company")

Acquisition of Horse Hill interest - update

Further to Alba's announcement dated 25 September 2015 regarding the conditional agreement between Alba and Angus Energy Limited ("Angus") for the purchase by Alba of a further 5 per cent interest in Horse Hill Developments Limited ("HHDL"), that announcement incorrectly stated that the conditions precedent had to be satisfied or waived within 30 days of execution of the agreement; it should have stated 21 days.  In any event, Alba confirms that the parties have now agreed to extend until the close of business on 23 October 2015 the closing date to satisfy (or for Alba to waive) the conditions precedent to completion ("Completion") of the transaction.  The extension shall be effective upon Alba paying a further £50,000 non-refundable deposit to be deducted from the balance of the consideration payable by the Company at Completion.

Further, the option for Alba to farm into a 5 per cent interest in PL 235 (Brockham) remains in force and effect in accordance with the terms announced on 25 September 2015. 

However, the option for Alba to acquire from Angus an additional 5 per cent interest in HHDL (also announced on 25 September 2015) over and above the 5 per cent mentioned above has expired without Alba electing to exercise it and accordingly that option has now lapsed.

The Company will keep shareholders updated on the progress of the transaction.

For further information please contact:

Alba Mineral Resources plc Michael Nott, CEO	[phone]
Cairn Financial Advisers LLP Avi Robinson / James Caithie	[phone]
Dowgate Capital Stockbrokers Limited Jason Robertson / Neil Badger	[phone]

 

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