REG - Alba Mineral Resrcs. - Share Placing

Alba Mineral ResourcesAnnouncement

10/11/2022 14:30

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RNS Number : 0317G  Alba Mineral Resources PLC  10 November 2022

Alba Mineral Resources plc

 

("Alba" or "the Company")

 

Share Placing

 

Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has
raised £500,000 (before expenses) through the issue of 500 million new
ordinary shares at a price of 0.1 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 are intended to be used to accelerate
value-enhancing activities across the Company's 100% owned project portfolio
including:

 

In relation to the Clogau-St David's Gold Mine in Wales:

-    Operational preparations (procurement of equipment, contractors etc.)
for the dewatering of the Lower Llechfraith mine area to allow for underground
exploration and development to proceed at the Company's primary in-mine
target;

-    Operational preparations (procurement of equipment, contractors,
modification of processing plant, access track upgrades etc.) for the
exploitation of the Waste Tip, a key source of potential early revenue for the
Company; and

-    Development of feasibility studies in respect of key commercialisation
routes and the piloting and development of a rigorous and traceable supply
chain for Clogau gold.

 

In relation to corporate activities:

-    Due diligence costs/payment of option fees in respect of potential
new, value-enhancing project acquisitions.

 

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.

 

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 250
million warrants.  The warrants will have an exercise price of 0.2 pence per
share and an expiration date of 24 months from the date of issue. 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 0.4 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.

 

It has not been possible for the Company to make available to existing
shareholders, in respect of this share placing, a "broker option" whereby a
portion of the intended capital raising is reserved to existing shareholders
on the same terms, with interested shareholders then instructing their brokers
to contact the Company's brokers to seek an allocation.  However, the Company
still intends to offer this on a future occasion.

 

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 16 November 2022. 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
7,121,568,996. The Company does not hold any ordinary shares in treasury.
Therefore, the total number of ordinary shares with voting rights will be
7,121,568,996. 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.

 

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.

 

**ENDS**

 

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.

 

 

For further information, please visit www.albamineralresources.com
(http://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

 

OvalX (Broker)

Thomas
Smith
+44 20 7392 1494

 

St Brides Partners (Financial PR)

Isabel de Salis / Catherine
Leftley
alba@stbridespartners.co.uk

 

 

Alba's Projects and Investments

 Mining Projects Operated by Alba   Location   Ownership
 Clogau (gold)                      Wales      100%
 Dolgellau Gold Exploration (gold)  Wales      100%
 Gwynfynydd (gold)                  Wales      100%
 Limerick (zinc-lead)               Ireland    100%
 Investments Held by Alba           Location   Ownership
 GreenRoc Mining Plc (mining)       Greenland  54%
 Horse Hill (oil)                   England    11.765%

 

 

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