Alba Mineral Resources PLC Agreement for Additional Interest in Horse Hill (9984T)
October 18 2017 - 12:00PM
UK Regulatory
TIDMALBA
RNS Number : 9984T
Alba Mineral Resources PLC
18 October 2017
Alba Mineral Resources plc
("Alba" or the "Company")
Agreement to Acquire Further Interest in Horse Hill
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that it has executed a binding conditional agreement ("Agreement")
to acquire the 3.1 per cent shareholding interest held by Regency
Mines Plc ("Regency") in Horse Hill Developments Limited ("HHDL")
("Sale Interest"). The total consideration payable is GBP630,000
including the assignment to Alba of the benefit of all accrued
loans in respect of the Sale Interest.
Acquisition terms
The total purchase price of GBP630,000 for 31 ordinary shares in
HHDL, comprising a 3.1% shareholding, shall be paid in a
combination of cash and fully paid ordinary shares in Alba, with
the proportion of cash and shares to be determined by Alba subject
to a minimum cash component of GBP315,000. Any proportion of the
purchase price to be settled in shares shall be settled on the
basis of a deemed share price for Alba ordinary shares equal to the
volume weighted average price of Alba ordinary shares in the 15
trading days prior to Completion. Any proposed disposal by Regency
of Alba consideration shares shall be subject to a six month
orderly marketing provision post-Completion.
Completion of the acquisition is subject to the satisfaction, or
waiver by Alba, of certain conditions precedent including relating
to confirmatory due diligence to Alba's satisfaction in respect of
the Sale Interest and receipt of all necessary third party or
regulatory consents, approvals and waivers (including in respect of
a first right of refusal which Alba has been informed was granted
by Regency to UK Oil & Gas Investments Plc in respect of
Regency's remaining holding in HHDL).
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) Tel: +44 20 7264 4366
Cairn Financial Advisers LLP (Nomad)
James Caithie/Liam Murray Tel: +44 20 7213 0880
Dowgate Capital Stockbrokers Ltd (Broker)
Neil Badger Tel: +44 1293 517744
Alba's Project Portfolio
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds a 15 per cent
interest, and has conditionally agreed to acquire a further 3.1 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 (licences PEDL 137 and PEDL 246)
in the UK Weald Basin.
Brockham (Oil & Gas, UK): Alba has a direct 5% interest in
Production Licence 235, which comprises the previously producing
onshore Brockham Oil Field.
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.
Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of
mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the
Limerick base metal project in the Republic of Ireland.
El Mreiti (Uranium, Mauritania): Alba has applied for the
reissue of a uranium permit in northern Mauritania, centred on
known uranium-bearing showings.
Alba continues actively to review numerous other project
opportunities which have value-enhancing potential for the Company
whether by bolt-on or stand-alone acquisition, farm in or joint
venture.
Web: www.albamineralresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRFFLFIAFWSEDS
(END) Dow Jones Newswires
October 18, 2017 12:00 ET (16:00 GMT)
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alba Mineral Resources (LSE:ALBA)
Historical Stock Chart
From Apr 2023 to Apr 2024
