Placing and Appointment of Joint Broker

RNS Number : 0037B

Alba Mineral Resources PLC

04 June 2019

 

Alba Mineral Resources plc

("Alba" or "the Company")

Placing and Appointment of Joint Broker

Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has raised £500,000 (before expenses) through the issue of 250,000,000 new ordinary shares at a price of 0.2 pence per ordinary share (the "Placing"), conditional on the admission of such new ordinary shares to trading on AIM ("Admission").

The placing proceeds are intended to be used principally in relation to the following project acceleration activities:

-   carrying out a maiden drilling programme at Amitsoq, our graphite project in southern Greenland which benefits from exceptionally high graphite grades, with drilling targeting a maiden JORC resource (proposed start date July 2019);

-    ongoing activities at the Company's Clogau Gold Project in north Wales, including:

-    embarking on what to the Company's knowledge will be the first ever systematic underground exploration programme to be undertaken in modern times within the Clogau-St David's Mine, involving some or all of channel sampling, bulk sampling and drilling (proposed start date summer 2019); and

-    continuing the regional exploration of the Dolgellau Gold Belt, which has so far identified seven new gold zones (exploration campaign currently ongoing); and

-    completion of the drilling of high-priority targets at the Company's Limerick base metals project, located in the world-class Irish Zinc Ore Field (drilling campaign currently ongoing).

SVS Securities Plc have been appointed as Joint Broker to the Company with immediate effect.

Admission to AIM

Application will be made for the new ordinary shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective at 8.00 a.m. on or around 18 June 2019.  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 3,526,601,946. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares with voting rights will be 3,526,601,946.  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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact: 

Alba Mineral Resources plc

George Frangeskides, Executive Chairman                        [phone]

Cairn Financial Advisers LLP (Nomad)     

James Caithie / Liam Murray                                            [phone]

First Equity Limited (Joint Broker)

Jason Robertson                                                             [phone]

SVS Securities Plc (Joint Broker)                                      [phone]

Elliot Hance

Yellow Jersey PR (Financial PR/ IR)

Tim Thompson / Harriet Jackson / Henry Wilkinson            [phone]

[e-mail]

Alba's Project & Investment Portfolio

Mining

Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.

Clogau (Gold, Wales): Alba owns a 90 per cent interest in Gold Mines of Wales Limited ("GMOW"), the ultimate owner of the Clogau Gold project situated in the Dolgellau Gold Belt in Wales.

Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent of mineral exploration licence ("MEL") 2017/40 and 2018/25 in north-west Greenland.

Limerick (Base Metals, Ireland): Alba owns 100 per cent of the Limerick base metal project in the Republic of Ireland.

Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per cent interest in MEL 2017/41 in Melville Bay, north-west Greenland. The licence area benefits from an existing inferred JORC resource of 67 Mt @ 31.4% Fe.

Thule Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of MEL 2017/29 in the Thule region, north-west Greenland.

Oil & Gas

Brockham (Oil & Gas, UK): Alba has a direct 5 per cent interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.

Horse Hill (Oil & Gas, UK): Alba holds an 11.765 per cent effective interest in the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246 covering a total area of 142.9 km²) in the UK Weald Basin.

Web: www.albamineralresources.com

 

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