TIDMALBA
RNS Number : 9951F
Alba Mineral Resources PLC
21 July 2021
Alba Mineral Resources plc
(the "Company" or "Alba")
Greenland Update
Acquisition of Amitsoq and Melville Bay Minority Interests
Alba Mineral Resources plc (AIM: ALBA) announces that it has
acquired the minority interests in the Amitsoq Graphite and
Melville Bay Iron Ore Projects in Greenland. Consequently, Alba now
owns 100 per cent of both projects. These acquisitions are a
precursor to the spin-out of Alba's Greenland projects into a new
AIM-quoted company ("Listco"), most recently reported by the
Company's RNS of 20 July 2021, which transaction requires 100 per
cent ownership of all the Greenland projects to be delivered to
Listco. In return, Alba will receive 100 per cent of the Listco
consideration shares from the disposal of the Greenland assets to
Listco.
Details
Alba has completed the acquisition of the minority interests in
the Amitsoq Graphite and Melville Bay Iron Ore Projects in
Greenland on the following terms:
(1) The 10 per cent shareholding in Obsidian Mining Limited, the
owner of the Amitsoq Graphite Project, which was not owned by Alba
has been acquired by the Company for GBP275,000 in Alba ordinary
shares at a price per share equal to the 20-trading day volume
weighted average price prior to the Completion Date ("20-Day
VWAP"), being GBP0.002572, for a total of 106,920,684 Alba
shares.
(2) Following an agreed dilution of the minority shareholder's
interest in White Fox Resources Limited ("WFRL"), the owner of the
Melville Bay Project, the remaining approximately 15 per cent
holding in WFRL not owned by Alba has been acquired by the Company
for GBP95,000 in Alba ordinary shares at a price per share equal to
the 20-Day VWAP, being GBP0.002572, for a total of 36,936,236 Alba
shares.
In addition, the Company has acquired the rights to an extensive
exploration dataset for the Melville Bay Project from a previous
operator of the project for GBP40,000 in Alba ordinary shares at a
price per share equal to the 20-Day VWAP, being GBP0.002572, for a
total of 15,552,100 Alba shares.
As stated in the Company's RNS of 20 July 2021, the spin-out and
IPO, subject to regulatory approvals, of Alba's Greenland projects
is in progress.
Admission to AIM
Application will be made for the new ordinary shares which are
to be issued in respect of the above-mentioned acquisitions 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 27 July 2021. 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 6,404,645,919. The Company does not hold any ordinary
shares in treasury. Therefore, the total number of ordinary shares
with voting rights will be 6,404,645,919. 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 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.
Without prejudice to the generality of the foregoing,
uncertainties also exist in connection with the ongoing Coronavirus
(COVID-19) pandemic which may result in further lockdown measures
and restrictions being imposed by Governments and other competent
regulatory bodies and agencies from time to time in response to the
pandemic, which measures and restrictions may prevent or inhibit
the Company from executing its work activities according to the
timelines set out in this announcement or indeed from executing its
work activities at all. The Coronavirus (COVID-19) pandemic may
also affect the Company's ability to execute its work activities
due to personnel and contractors testing positive for COVID-19 or
otherwise being required to self-isolate from time to time.
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 3950 0725
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 100%
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Clogau (gold) Wales 90%
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Gwynfynydd (gold) Wales 100%
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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 100%
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TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Horse Hill (oil) England 11.765%
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END
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