REG - Alba Mineral Resrcs. - Share Placing

Alba Mineral ResourcesAnnouncement

28/03/2024 07:00

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RNS Number : 6049I  Alba Mineral Resources PLC  28 March 2024

Alba Mineral Resources plc

 

("Alba" or "the Company")

 

Share Placing

 

Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has
raised £380,000 (before expenses) through the issue of 584,615,385 new
ordinary shares at a price of 0.065 pence per ordinary share (the "Placing"),
conditional on the admission of such new ordinary shares to trading on AIM
("Admission"). CMC Markets UK Plc, trading as CMC CapX, acted as the Company's
sole placing agent in respect of the Placing.

 

The proceeds from the Placing are intended to be used to continue the
Company's 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 Llechfraith Target, 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, and following the Company's announcement
of exceptional gold grades of up to 4 oz/t (see the RNS of 26 March 2024),
ongoing operations in respect of the bulk sampling of circa 150 tonnes of ore
both on and below No.4 Level and its subsequent processing and refining for
its gold content.

 

-        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 extraction of a further circa 120 tonnes of fines and the
subsequent processing and refining of that material for its gold content.

 

In relation to the wider Dolgellau Gold Field (100% owned by Alba):

 

-        In respect of the completed airborne geophysical survey over a
number of the regional exploration targets identified by Alba within the
Dolgellau Gold Field, the completion of the interpretation of the survey data
followed by the design and implementation of ground-based exploration over
those new or refined gold targets identified by the survey.

 

In relation to corporate activities:

 

-        The furthering of partnership, marketing and offtake
discussions in relation to gold produced at Clogau and the continuation of
development work to establish a fully traceable "mine-to-market" supply chain
to underpin the Company's ability to command a premium price for its gold
production.

 

-        Due diligence and option fees / deposits in respect of
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 5 April 2024. 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
8,318,304,381. The Company does not hold any ordinary shares in treasury.
Therefore, the total number of ordinary shares with voting rights will be
8,318,304,381. 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.  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

 

 

 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  37.49%
 Horse Hill (oil)                   England    11.765%

 

 

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