Alba Mineral Resources PLC Issue of Equity and Warrants (5954H)
August 18 2016 - 11:59AM
UK Regulatory
TIDMALBA
RNS Number : 5954H
Alba Mineral Resources PLC
18 August 2016
18 August 2016
Alba Mineral Resources plc
("Alba" or "the Company")
Share allotments in settlement of fees
Issue of share warrants
Alba Mineral Resources plc (AIM: ALBA), the UK-based exploration
company, announces that it is issuing 16,059,957 fully paid
ordinary shares to CEO Michael Nott, and 16,059,957 fully paid
ordinary shares to Chairman George Frangeskides, or to their
respective nominees, in settlement of accrued fees of GBP30,000
owed to each of them. 20 million share warrants (exercise price
0.3p per share, expiring 27 March 2021) have also been awarded to
each of Messrs Nott and Frangeskides pursuant to the Company's
incentive plan.
In addition, the following share warrants have been awarded to
Non-Executive Director Manuel Lamboley: 2.5m share warrants at an
exercise price of 0.3p per share with an expiration date of 27
March 2021 vesting 7 September 2016 (being 6 months after the
commencement date of his appointment) and a further 2.5m share
warrants at an exercise price of 0.3p per share with an expiration
date of 27 March 2021 vesting 7 March 2017 (being 12 months after
his commencement date) provided he remains a director and is not
serving any period of notice of termination of his appointment at
each vesting date.
The Company has also agreed to settle certain fees owed to
consultants by the issue of 7,815,845 fully paid ordinary shares,
and to grant a total of 6 million share warrants (exercise price
0.3p per share, expiring 27 March 2021) to certain advisers and
consultants of the Company, subject in certain cases to vesting
conditions. All the foregoing share issues have been calculated on
the basis of a 30 day volume weighted average price for Alba
ordinary shares up to the close of trading on 17 August 2016.
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 24 August 2016. 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 1,326,725,690. The Company does not hold any ordinary
shares in treasury. Therefore, the total number of ordinary shares
with voting rights will be 1,326,725,690. 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.
For further information please contact:
+44 (0) 207
Alba Mineral Resources Plc 264 4366
Michael Nott, CEO
+44 20 7148
Cairn Financial Advisers LLP 7900
James Caithie/Liam Murray
Dowgate Capital Stockbrokers Limited +44 1293 517744
Jason Robertson / Neil Badger
About Alba
Alba holds a 15 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.
Alba also has exercised an option to farm into 5% of Production
Licence 235, which comprises the producing onshore Brockham Oil
Field.
Alba has the right to earn up to 70 per cent of the Amitsoq
Graphite Project in Southern Greenland.
In addition, the Company has recently renewed its base metal and
gold licence in the Republic of Ireland, and has applied for the
reissue of a uranium permit in northern Mauritania. The new
Mauritanian permit will be on a reduced area, and is centred on
known uranium-bearing showings.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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