Alba Mineral Resources PLC Further Interest in Horse Hill (8964X)
November 29 2017 - 10:30AM
UK Regulatory
TIDMALBA
RNS Number : 8964X
Alba Mineral Resources PLC
29 November 2017
Alba Mineral Resources plc
("Alba" or the "Company")
Completion of Acquisition of further 3.1% interest in Horse Hill
Developments Limited Takes Alba's Ownership to 18.1%
Further to the announcement of 18 October 2017, Alba Mineral
Resources plc (AIM: ALBA) is pleased to announce that it has now
completed the acquisition of a further 3.1% interest in Horse Hill
Developments Limited ("HHDL") from Regency Mines plc ("Regency").
This brings Alba's shareholding in HHDL to 18.1%, consolidating the
Company's position as the second largest shareholder in the HHDL
consortium, behind only UK Oil & Gas Investments plc
("UKOG").
HHDL has a 65 per cent participating interest and operatorship
of the Horse Hill oil & gas project (licences PEDL 137 and PEDL
246) in the UK Weald Basin.
The total consideration payable is GBP630,000 including the
assignment to Alba of the benefit of all accrued loans in respect
of the 3.1% interest. Of this consideration, GBP315,000 is being
settled by the issue to Regency of 74,733,096 fully paid ordinary
Alba shares at a trading 15 day volume weighted average price of
0.4215 pence per share ("VWAP"), with the balance payable in
cash.
Admission to AIM
Application will be made for the 74,733,096 new ordinary Alba
shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective at 8.00 a.m. on or
around 5 December 2017. 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 2,248,614,935. The Company does not hold any ordinary
shares in treasury. Therefore, the total number of ordinary shares
with voting rights will be 2,248,614,935. 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.
For further information please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 7264 4366
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Alba's Project Portfolio
Oil & Gas
Horse Hill (Oil & Gas, UK): Alba holds an 18.1 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.
Brockham (Oil & Gas, UK): Alba has a direct 5 per cent
interest in Production Licence 235, which comprises the previously
producing onshore Brockham Oil Field.
Mining
Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest
in the Amitsoq Graphite Project in Southern Greenland and has an
option over the remaining 10 per cent.
Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of
mineral exploration licences 2017/29 and 2017/39 in the Thule
region, north-west Greenland.
Melville Bay (Iron Ore, Greenland): Alba is entitled to a 51 per
cent interest in mineral exploration licence 2017/41 in Melville
Bay, north-west Greenland. The licence area benefits from an
existing inferred JORC resource of 67 Mt @ 31.4% Fe.
Inglefield Land (Copper, Cobalt, Gold): Alba owns 100 per cent
of mineral exploration licence 2017/40 in north-west Greenland.
Limerick (Base Metals, Ireland): Alba has 100 per cent of the
Limerick base metal project in the Republic of Ireland.
El Mreiti (Uranium, Mauritania): Alba has applied for the
reissue of a uranium permit in northern Mauritania, centred on
known uranium-bearing showings.
Alba continues actively to review 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.
Web: www.albamineralresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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