Issue of Equity and Directors

RNS Number : 7163W

Alba Mineral Resources PLC

03 August 2009

 



ALBA MINERAL RESOURCES PLC

Issue of Equity

AND

DIRECTORS DEALING

The Board of Alba Mineral Resources plc ('Alba' or the 'Company') announces that, on 31 July 2009 it issued and allotted 9,300,000 new ordinary shares of 0.1p each ('New Ordinary Shares') (representing approximately 10.0 per cent. of the current issued share capital of the Company) at a price of 0.5p per share (the 'Placing Price'), to directors and certain existing shareholders raising £46,500 (before expenses) pursuant to a placing. The net placing proceeds will be used for additional working capital purposes.

In addition, on 31 July 2009, the Company issued and allotted a further 7,950,316 New Ordinary Shares (representing approximately 8.5 per cent. of the current issued share capital of the Company) at the Placing Price to discharge certain unpaid directors' remuneration and expenses and debt due to third parties.

The New Ordinary Shares are being placed under existing authorities to issue and allot shares and will rank pari passu with the existing ordinary shares.  

Further details of the issue of New Ordinary Shares are set out below:-

Placee	Number of Alba shares issued and allotted pursuant to the placing	Number of  Alba shares held  subsequent to the placing	Percentage interest in the enlarged issued share capital of Alba subsequent to the placing
Michael Nott	5,000,000	5,000,000	4.5
Regency Mines Plc¹	4,000,000	17,934,047	16.3
EP&F Capital plc²	4,000,000	4,000,000	3.6
Starvest plc	2,000,000	13,875,000	12.6
Aurum Exploration Services Limited³	1,450,316	1,450,316	1.3
Sandy Archibald	500,000	4,000,000	3.6
Kerr Anderson	200,000	3,570,000	3.2
Vaughan Williams	100,000	3,470,000	3.2
Total	17,250,316	53,299,363	48.3

1.  Michael Nott, a director of Alba, is also a director of Red Rock Resources Plc, an AIM listed Company of which Regency Mines Plc (also an AIM listed company) is a Substantial Shareholder.

2. Nigel Duxbury, a director of Alba, is also a director of EP&F Capital plc.

3. Sandy Archibald, a director of Alba, is also a director of Aurum Exploration Services Limited.

Application has been made to the London Stock Exchange for the 17,250,316 New Ordinary Shares (representing 9,300,000 New Ordinary Shares pursuant to the placing and 7,950,316 New Ordinary Shares issued to discharge certain unpaid directors' remuneration and expenses and debt due to third parties) to be admitted to trading on AIM and it is expected that dealings will commence on or around 6 August 2009.

DIRECTORS DEALING

As part of the placing, the Company is converting certain unpaid directors' remuneration and expenses into New Ordinary Shares at the Placing Price.

In the placing, Michael Nott (a director of the Company) has subscribed for 1,000,000 New Ordinary Shares at the Placing Price. In addition, 4,000,000 New Ordinary Shares will be issued at the Placing Price to satisfy the repayment of unpaid directors remuneration in the amount of £20,000 to be repaid to Michael Nott. Following this transaction, Mr Nott's beneficial interest in the Company is 5,000,000 ordinary shares, representing approximately 4.5 per cent. of the enlarged issued share capital of the Company.

In the placing, Sandy Archibald (a director of the Company) has been issued with 500,000 New Ordinary Shares at the Placing Price to satisfy the repayment of unpaid expenses due to him. In addition, 1,450,316 New Ordinary Shares will be issued the Placing Price to Aurum Exploration Services Limited (a company in which Sandy Archibald, a director of the Company is also a director) to discharge a debt due to Aurum Exploration Services Limited in the amount of Euro 8,480.

Following this transaction, Mr Archibald's beneficial interest in the Company is 4,000,000 ordinary shares, representing approximately 3.6 per cent. of the enlarged issued share capital of the Company.

In the placing, EP&F Capital plc (a company in which Nigel Duxbury, a director of the Company is also a director) has subscribed for 2,000,000 New Ordinary Shares at the Placing Price. In addition, 2,000,000 New Ordinary Shares will be issued to satisfy the repayment of fees in the amount of £10,000 to be repaid to EP&F Capital plc. In aggregate, therefore, EP&F Capital plc will be issued with 4,000,000 New Ordinary Shares (representing approximately 3.6 per cent. of the enlarged issued share capital of the Company).

Following this transaction, Mr Duxbury's beneficial interest in the Company is 6,200,047 ordinary shares, representing approximately 5.7 per cent. of the enlarged issued share capital of the Company.

Following the placing the enlarged issued share capital of the Company will be 110,320,416 ordinary shares.

For further information please visit the Company's website, www.albamineralresources.com or contact:

Alba Mineral Resources plc	Tel: [phone]
Mike Nott, Director
Dowgate Capital Advisers Ltd	Tel: [phone]
Aaron Smyth, Nominated Adviser

 

END

 

 

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