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Alba Mineral Resources takes control of graphite and iron ore projects in Greenland

By BFN News | 01:56 PM | Wednesday 21 July, 2021


Alba Mineral Resources has acquired a minority interest in the Amitsoq graphite and Melville Bay iron ore projects in Greenland, meaning the mining company now owns 100% of each project. These acquisitions are a precursor to the spin-out of Alba's Greenland projects into a new AIM-quoted company 'Listco', which transaction requires 100% ownership of all the Greenland projects to be delivered to Listco. In return, Alba will receive 100% of the Listco consideration shares from the disposal of the Greenland assets to Listco. In addition to the acquisition, Alba Mineral Resources has acquired the rights to an extensive exploration dataset for the Melville Bay Project from a previous operator of the project for £40,000 in Alba ordinary shares at a price per share equal to the 20-Day volume weighted average price, being £0.002572, for a total of 15,552,100 Alba shares. At 1:55pm: (LON:ALBA) Alba Mineral Resources PLC share price was 0p at 0.46p Story provided by StockMarketWire.com

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