Alba Mineral Resources PLC Issue of Equity (9298E)
February 16 2015 - 2:00AM
UK Regulatory
TIDMALBA
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 GBP270,000
(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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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