REG - Alba Mineral Resrcs. - Share Placing

Alba Mineral ResourcesAnnouncement

05/07/2023 07:45

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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 £750,000 (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 £100,000
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
£100,000 (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
(mailto: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
(http://www.albamineralresources.com/)  or contact:

 Alba Mineral Resources plc                   +44 20 3950 0725

 George Frangeskides, Executive Chairman
 SPARK Advisory Partners Limited (Nomad)      +44 20 3368 3555

 Andrew Emmott
 CMC Markets plc (Broker)                     +44 (0) 20 3003 8632

 Thomas Smith / Douglas Crippen
 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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