TIDMALBA
RNS Number : 0382F
Alba Mineral Resources PLC
05 July 2023
Alba Mineral Resources plc
("Alba" or "the Company")
Share Placing
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that it has raised GBP750,000 (before expenses) through the issue
of 600 million new ordinary shares at a price of 0.125 pence per
ordinary share (the "Placing"), conditional on the admission of
such new ordinary shares to trading on AIM ("Admission").
In addition, to provide existing shareholders and other
investors who did not have the opportunity to participate in the
Placing to do so, the Company is also putting in place a broker
option allowing subscriptions up to GBP100,000 in total on the same
terms and conditions as the Placing with priority given to existing
shareholders of the Company ("Broker Option"). Further details of
this are provided below.
Following the grant of the ecological permits to allow the
Company to proceed with the dewatering and exploration of its
primary gold target at the Clogau St David's Gold Mine in Wales
(see the Company's RNS of 3 July 2023), the proceeds from the
Placing are intended to be used to accelerate value-enhancing
activities across the Company's portfolio including:
In relation to the Clogau-St David's Gold Mine in Wales (100%
owned by Alba):
- At the Lower Llechfraith mine area, the Company's highest
priority gold target at the Mine, where a 122 m extension to the
Llechfraith payshoot has been identified in Alba's drilling,
ongoing operations in respect of the dewatering and subsequent
safety and exploration works, including winzing and bulk
sampling.
- In relation to the Waste Tip at Clogau, where average grades
from Alba's sampling of the fine fraction (<20mm material) have
averaged more than 2 g/t, the preparation and submission of
applications for planning permission and other regulatory approvals
for the exploitation of the Tip.
In relation to the wider Dolgellau Gold Field (100% owned by
Alba):
- Carrying out the planned UAV (unmanned aerial vehicle)
geophysical survey over a number of the regional exploration
targets identified by Alba within the Dolgellau Gold Field, the
first airborne geophysical survey to be undertaken over the
Dolgellau Gold Field since the 1970s with the objective of refining
those regional gold targets for follow-up ground exploration and
drilling.
In relation to corporate activities:
- Due diligence on potentially value-enhancing acquisitions and investments.
- For general working capital purposes.
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 11 July 2023. 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 7,721,568,996. The Company does not hold any ordinary
shares in treasury. Therefore, the total number of ordinary shares
with voting rights will be 7,721,568,996. 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.
Broker Option
A Broker Option has been put in place by the Company so that
shareholders and other investors who did not initially have the
opportunity to participate in the Placing may now do so on the same
terms as the Placing, up to a total of 80,000,000 new ordinary
shares ("Broker Option Shares") to raise up to GBP100,000 (before
costs). Priority will be given to existing shareholders of the
Company.
Independent financial advisers, stockbrokers or other firms
authorised by the Financial Conduct Authority may apply to
participate in the Broker Option, on behalf of existing
shareholders and other interested applicants. Independent financial
advisers, stockbrokers, or other firms authorised by the Financial
Conduct Authority, should communicate their interest in
participating in the Broker Option to CMC Markets by email (to
d.crippen@cmcmarkets.com ) or by telephoning 020 3003 8632.
Each application should state the number of Broker Option Shares
that the interested party wishes to acquire at the Placing Price
and should be submitted to CMC Markets no later than 12pm on 21
July 2023.
It is expected that, following allocations by CMC Markets (in
consultation with the Company), application will be made to the
London Stock Exchange for the relevant amount of Broker Option
Shares to be admitted to trading on AIM ("Broker Option
Admission"). Broker Option Admission is expected to become
effective and trading of the Broker Option Shares will commence at
8.00 a.m. on or around 28 July 2023. Following Broker Option
Admission, such Broker Option Shares will rank pari passu with the
existing Ordinary Shares.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
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 timing and granting of
regulatory and other third party consents and approvals,
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.
**ENDS**
For further information, please visit www.albamineralresources.com or contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 20 3368 3555
-----------------------------
CMC Markets plc (Broker)
Thomas Smith / Douglas Crippen +44 (0) 20 3003 8632
-----------------------------
St Brides Partners (Financial PR) alba@stbridespartners.co.uk
Isabel de Salis / Catherine Leftley
-----------------------------
Alba's Projects & Investments
Projects Operated by Alba Location Ownership
------------ -----------
Clogau (gold) Wales 100%
------------ -----------
Dolgellau Gold Exploration (gold) Wales 100%
------------ -----------
Gwynfynydd (gold) Wales 100%
------------ -----------
Investments Held by Alba Location Ownership
------------ -----------
GreenRoc Mining Plc (mining) Greenland 44.67%
------------ -----------
Horse Hill (oil) England 11.765%
------------ -----------
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END
IOESSDSMIEDSEDW
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