Alba Mineral Resources PLC Placing (4439N)
July 28 2014 - 2:00AM
UK Regulatory
TIDMALBA
RNS Number : 4439N
Alba Mineral Resources PLC
28 July 2014
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 GBP305,000
(before expenses) through the placing of 61,000,000 new ordinary
shares at a price of 0.5 pence per ordinary share (the
"Placing").
Background to and reasons for the Placing
As announced on 11 July 2014, Alba has a binding agreement in
place to acquire a 5 per cent. interest in Horse Hill Developments
Limited ("HHDL"), a special purpose company which has the right to
acquire a 65 per cent. participating interest and operatorship of
UK onshore Petroleum Exploration and Development Licence (PEDL)
137. The total consideration payable by the Company is
GBP300,000.
The proceeds of the Placing will be used to satisfy the
Company's investment in HHDL, for the development of the Company's
project portfolio and for general working capital purposes.
Director's Dealings
Mr. George Frangeskides, a director of the Company, has
subscribed for 2,000,000 in the placing at a price of 0.5 pence per
ordinary. In addition to this interest Mr Frangeskides holds
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.
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 4 August 2014. 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. The new ordinary
shares are not being made available to the public and are not being
offered or sold in any jurisdiction where it would be unlawful to
do so.
Total Voting Rights
Following admission, the total number of ordinary shares in
issue will be 392,624,352. The Company does not hold any ordinary
shares in treasury. Therefore, the total number of ordinary shares
with voting rights will be 392,624,352. 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.
Comment
Michael Nott, Alba's CEO, commented:
"We are very pleased to have secured this investment from new
shareholders. The next few months should be an exciting time for
the Company with the drilling of the Horse Hill-1 well in Surrey.
Horse Hill has significant potential, not least after the results
that Esso obtained in the 1960s.
"Alba also continues to pursue its own exploration activities at
its wholly-owned lead-zinc-silver project in Ireland and its
uranium joint venture project in Mauritania. In addition we
continue to evaluate other project opportunities in a number of
countries and commodities."
Enquiries:
Alba Mineral Resources Plc 020 7907 9328
Michael Nott-CEO
Northland Capital Partners Limited
(Nominated Adviser and Broker ) 020 7382 1100
Matthew Johnson / Gavin Burnell
Dowgate Capital Stockbrokers Limited
(Broker to the Placing) 01293 517744
Jason Robertson
Notes to Editors:
Alba holds interests in Mauritania (uranium: JV with FOSSE
Investments Limited) and Ireland (base metals) and the right to
acquire a 5 per cent. interest in Horse Hill Developments Limited,
the company which has the right to earn 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
is expected to spud shortly and the operator is planning to drill
to a depth of 8,512 feet, targeting a number of conventional
stacked oil and gas targets.
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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