Issue of Equity

RNS Number : 9298E

Alba Mineral Resources PLC

16 February 2015

 



16 February 2015

Alba Mineral Resources plc

("Alba" or "the Company")

Share placing

Alba Mineral Resources plc (AIM:ALBA), the UK based exploration company, is pleased to announce that it has raised £270,000 (before expenses) in an oversubscribed placing, through the issue of 108,000,000 new ordinary shares at a price of 0.25 pence per ordinary share (the "Placing").

Background to and reasons for the Placing

The proceeds of the Placing will be used to satisfy the Company's ongoing commitments to its existing projects, for the evaluation of new project opportunities and for general working capital purposes.

Director's Dealings

Mr. George Frangeskides and Mr Michael Nott, the directors of the Company, have subscribed for 4,000,000 shares each in the placing.  In addition to this subscription, Mr Frangeskides already holds 2,000,000 shares in the Company plus warrants to subscribe for 5,000,000 ordinary shares exercisable at a price of 0.3 pence per share.  Mr Frangeskides holds no other interests in the shares of the Company.  In addition to this subscription, Mr Nott already holds 18,160,606 shares in the Company plus warrants to subscribe for 625,000 ordinary shares exercisable at a price of 10 pence per share and further warrants to subscribe for 10,000,000 shares at a price of 0.3 pence per share.  Mr Nott holds no other interests in the shares of the Company.

Admission to AIM

Application will be made for the new ordinary shares to be admitted to trading on AIM.  It is expected that admission will become effective at 8.00 a.m. on 2 March 2015.  The new ordinary shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after admission and will otherwise rank on admission pari passu in all respects with the existing ordinary shares.  

Total Voting Rights

Following admission, the total number of ordinary shares in issue will be 502,547,002. The Company does not hold any ordinary shares in treasury.  Therefore, the total number of ordinary shares with voting rights will be 502,547,002.  This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries:

Alba Mineral Resources Plc	020 3696 4616
Michael Nott-CEO
Cairn Financial Advisers LLP (Nominated Adviser)	020 7148 7900
Avi Robinson/James Caithie
Dowgate Capital Stockbrokers Limited (Broker)	01293 517744
Jason Robertson

Notes to Editors:

Alba holds interests in Mauritania (uranium: JV with FOSSE Investments Limited) and Ireland (base metals) and a 5 per cent. interest in Horse Hill Developments Limited, the company which has a 65 per cent. participating interest and operatorship of the Horse Hill oil and gas project (Licence PEDL 137).  The projects are at different stages of development.  The Mauritania uranium project comprises early phase exploration targets, whereas drilling has been undertaken on the Irish base metals project. The Horse Hill-1 well was recently drilled, targeting a number of conventional stacked oil and gas targets. The final depth of the drill hole was 8770 feet and the review of the results continues.

Please refer to our recent announcements, available at www.albamineralresources.com.

Alba continues actively to review and discuss other project opportunities which have value enhancing potential for the Company whether by acquisition, farm in or joint venture in a range of jurisdictions around the world.

 

END

 

 

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