TIDMALBA
RNS Number : 5054Z
Alba Mineral Resources PLC
21 September 2020
Alba Mineral Resources plc
("Alba" or "the Company")
Share Placing
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that it has raised GBP1,300,000 (before expenses) through the issue
of 472,727,272 new ordinary shares at a price of 0.275 pence per
ordinary share (the "Placing"), conditional on the admission of
such new ordinary shares to trading on AIM ("Admission").
The proceeds from the Placing will be used to accelerate
value-enhancing activities across the Company's project portfolio
including the following activities:
- At Clogau, a surface drilling programme for up to 5000 metres
targeting extensions to the existing workings, one of the most
ambitious exploration programmes in the mine's history, phase 1 of
which the Company is targeting for an October 2020 start date.
- At Thule Black Sands (TBS), preparations for the 2021 drilling
programme to substantially increase the JORC resource and the
commissioning of a testwork programme in respect of the Company's
existing bulk sample to confirm the products to be produced from
TBS ilmenite; and
- At Amitsoq, preparations for the 2021 drilling programme to
define a maiden JORC resource and the commissioning of a testwork
programme aimed at the production of a high-purity graphite product
for the battery metals sector.
All work activities are subject to timely receipt of regulatory
and third-party approvals and contractor availability. The proceeds
from the Placing will also be used for general working capital
purposes.
George Frangeskides, Executive Chairman of Alba, commented , "We
are pleased to have received this significant support from
investors, which is a validation of the strength of our mining
portfolio."
"This funding will greatly strengthen our balance sheet and
enable us to execute our plans for an ambitious surface drilling
programme at the Clogau-St David's Gold Mine. In addition, we will
begin preparations for drilling at our high-grade Amitsoq graphite
project and for Resource expansion drilling at Thule Black
Sands."
"The drilling and bulk sampling programme is progressing well at
Clogau-St David's, with two drill holes completed so far for a
total of 125 metres with the third hole currently at over 66
metres, and approximately eight tonnes of material collected from
three of our bulk sampling targets so far."
Share warrants will also be issued to each subscriber in the
Placing, with one warrant to be issued for every two shares
subscribed for, for a total of 236,363,636 warrants. The warrants
will have an exercise price of 0.55 pence per share and an
expiration date of 24 months from 25 September 2020. The warrants
will also be subject to an accelerator provision, such that if at
any time during the 24 month duration of the warrants the 10-day
volume-weighted average price (VWAP) of Alba ordinary shares
exceeds 1.1 pence per share, the Company may give warrant holders
notice to exercise their warrants within 10 business days following
the Company's notice and to pay the exercise price in full within
15 business days following the Company's notice, failing which the
warrants will automatically expire.
The warrants will not be traded on any exchange and will
otherwise be issued subject to the terms and conditions set out in
a warrant instrument to be executed by the Company.
Monecor (London) Ltd, trading as ETX Capital, managed this
capital raising for the Company and have been appointed as the
Company's Joint Broker with immediate effect.
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 of the new ordinary shares will become effective at 8.00
a.m. on or around 25 September 2020. 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 5,694,929,951. The Company does not hold any ordinary
shares in treasury. Therefore, the total number of ordinary shares
with voting rights will be 5,694,929,951. 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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's or any third party's
ability to execute and implement future plans, and the occurrence
of unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3907 4297
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Joint Broker)
Jason Robertson +44 20 7374 2212
ETX Capital (Joint Broker)
Thomas Smith +44 20 7392 1494
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
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Clogau (gold) Wales 90%
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Inglefield (copper, cobalt,
gold) Greenland 100%
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Limerick (zinc-lead) Ireland 100%
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Melville Bay (iron ore) Greenland 51%
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TBS (ilmenite) Greenland 100%
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Oil & Gas Investments
Brockham (oil) England 5%
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Horse Hill (oil) England 11.765%
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END
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