Alba Mineral Resources PLC Approval for Alba Acquiring up to 100% of Amitsoq (2473X)
February 20 2017 - 1:00AM
UK Regulatory
TIDMALBA
RNS Number : 2473X
Alba Mineral Resources PLC
20 February 2017
20 February 2017
Alba Mineral Resources plc
("Alba" or the "Company")
Greenland Government Approves Alba Acquiring up to 100%
Ownership
of Amitsoq Graphite Project, Southern Greenland
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce
that the Mineral Licensing and Safety Authority ("MLSA") of
Greenland has confirmed that the Government of Greenland has now
formally approved the indirect transfer to Alba of exploration
licence 2013/06, comprising the Amitsoq Graphite Project in
Southern Greenland (the "Project"). As announced on 1 November
2016, having earned the right to a 49 per cent interest in the
Project, Alba had further agreed, subject to regulatory approvals
from the Greenlandic authorities, to acquire a further 41 per cent
interest in the Project to take Alba to 90 per cent ownership in
total.
George Frangeskides, Alba's Executive Chairman, commented:
"We are delighted to receive the approval of the Government of
Greenland to Alba acquiring up to 100 per cent ownership of the
Project. We are very grateful to the MLSA and the Government of
Greenland for their efficient and timely consideration of the
transfer application, the approval of which has been given well in
advance of the forthcoming 2017 field season. This provides Alba
with a strong foundation as we continue to plan our work programme
for this year and look to build on the significant steps forward we
have made in relation to the Amitsoq Project over the past 12
months."
Completion terms
This Government approval having been given, Alba will now
proceed to complete the acquisition of the further 41 per cent
interest in the Project (by the transfer of shares in the licence
holder, Obsidian Mining Limited) for the balance of the purchase
price owed, being GBP90,000 payable in cash or Alba shares (at a 20
trading day volume weighted average price) at Alba's election but
with a minimum of 50 per cent in cash unless otherwise agreed. Alba
will thereby become the owner of 90 per cent of the Project.
As from completion of the acquisition, Alba will also take over
the existing put and call option over the 10 per cent free carried
interest held by a minority shareholder in the Project. This will
enable Alba to move in future to 100 per cent ownership of the
Project.
For further information please contact:
Alba Mineral Resources
plc
Michael Nott, CEO +44 20 7264 4366
Cairn Financial Advisers
LLP
James Caithie / Liam Murray +44 20 7213 0880
Dowgate Capital Stockbrokers
Limited
Jason Robertson / Neil
Badger +44 1293 517744
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 is also earning
a 5% interest in Production Licence 235, which comprises the
producing onshore Brockham Oil Field.
Alba has earned the right to a 49 per cent interest in the
Amitsoq Graphite Project in Southern Greenland and, having now
received the approval of the Government of Greenland to acquire up
to 100 per cent ownership of the Project, will shortly complete the
acquisition of a further 41 per cent interest taking the Company's
ownership to 90 per cent.
In addition, the Company recently renewed its Limerick base
metal licence in the Republic of Ireland until May 2018. The
Company 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 numerous other
project opportunities which have value-enhancing potential for the
Company whether by bolt-on or stand-alone 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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