TIDMALBA
RNS Number : 7399I
Alba Mineral Resources PLC
03 April 2020
Alba Mineral Resources plc
("Alba" or "the Company")
Publication of Annual Report and Notice of AGM
Confirmation of Greenland Government Moratorium on
2020 Expenditure Commitments
Alba Mineral Resources plc (AIM: ALBA), the diversified mineral
exploration and development company, announces that the Company's
Annual General Meeting ("AGM") will be held at 10 a.m. on 28 April
2020 at The Grange (Regus Office), 100 High Street, London N14
6BN.
The Company has posted to shareholders its annual report and
accounts for the year ended 30 November 2019 (the "Financial
Statements"), together with an explanatory circular, notice of AGM
and form of proxy.
The Company has received notice from the Greenland Government of
the temporary adjustment of the minimum exploration obligations for
the calendar year 2020, for all mineral exploration licences in
Greenland.
Highlights
-- Alba AGM to be held at 10 a.m. on 28 April 2020.
-- Alba to adopt exceptional measures for holding of AGM in
light of ongoing COVID-19 pandemic.
-- Government of Greenland has reduced to zero all expenditure
commitments for the current year for all mineral exploration
licences, including all licences held by the Alba Group.
Business of the AGM
The resolutions to be put to the AGM will include customary
business relating to the adoption of the Financial Statements, the
re-appointment of a director retiring by rotation, the
re-appointment of the Company's auditors and seeking authority to
allot shares and the authority to do so on a non-pre-emptive
basis.
In addition, a resolution will be proposed to reduce the par (or
nominal) value of the Company's existing ordinary share capital
from GBP0.01 to GBP0.001 per share, with a further resolution to
make certain changes to the Company's articles of association to
effect that reorganisation of share capital. T he proposed share
capital reorganisation is intended to create an appropriate buffer
between the nominal value and the market value of the Company's
shares. The trading price of the Company's ordinary shares is not
expected to be affected by the share capital reorganisation, as it
is only the nominal value of the ordinary shares which will change.
The total number of ordinary shares in issue will not change and e
ach Shareholder will have the same number of ordinary shares
immediately after the reorganisation as they have immediately prior
thereto.
The explanatory circular which has been posted to Shareholders
provides further background in respect of this and each of the
other resolutions to be proposed at the AGM. Shareholders are
advised to read this document carefully.
A copy of the proposed new articles of association (in redline
to show the proposed amendments), the Financial Statements, notice
of AGM and explanatory circular will be available for perusal on
the Company's website until the commencement of the AGM. To access
the documents, please go to www.albamineralresources.com and click
on "Investor Relations" and then "Corporate Documents".
Measures to address COVID-19 risks at AGM
In view of critical, and rapidly developing, situation regarding
the current Coronavirus (COVID-19) pandemic, the Company advises
that while its AGM will, based on current advice, be held at the
time, date and venue set out above, this will be kept under review
and any changes to the venue or date/time of the meeting will be
announced via RNS.
While the formal business of the AGM, being to consider and vote
upon the resolutions set out in the notice of meeting, will
currently go ahead as planned, no shareholder presentation will be
given and no questions taken other than in relation to the formal
business of the meeting. Given the gravity of the present public
health situation and current UK Government guidance that everyone
should avoid all non-essential travel and practise "social
distancing", only those directors and officers of the Company
strictly necessary for the proper conduct of the AGM shall be in
attendance.
For the same reasons, Shareholders wishing to vote on any of the
matters of business at the AGM are strongly encouraged to do so by
completion of a form of proxy rather than by attending in person.
Proxies should be completed and returned in accordance with the
instructions on the form of proxy. The latest time for lodging
proxies is 10 a.m. on 24 April 2020.
Should Shareholders have any questions that they would otherwise
have wanted to put to the Board at the AGM, they are reminded that
such questions may always be put to the Company by email to
info@albamineralresources.com . The Company will endeavour to
answer all questions received in this way, subject to the
constraints of the AIM Rules and all other applicable regulations,
including the need to avoid selective disclosure of
information.
For an outline of the potential impact of the Coronavirus
(COVID-19) pandemic on the roll-out of the Company's planned field
exploration programmes in the coming months, please see the
Chairman's Statement in the Financial Statements as well as the
Company's Final Results RNS announced on 31 March 2020.
Confirmation of Moratorium on Greenland Expenditure
Commitments
In response to the serious challenges created by the spread of
COVID-19 affecting all mining companies operating in Greenland, the
Government of Greenland has confirmed a temporary adjustment of the
minimum exploration obligations for the calendar year 2020 for all
mineral exploration licences. Accordingly, the exploration
obligations for 2020 shall be zero for all licences.
In addition, any expenditure which is made during the calendar
year 2020 may either be forwarded against future years for up to
three calendar years or, if the licensee has a deficit in
expenditure obligations from previous years, may be deducted from
the deficit.
Confirmation of the moratorium follows formal representations
made by Alba to the Government of Greenland, including a request
that any freeze on expenditure obligations be applied to all
licences and not solely those, as was the case for previous
moratoria, which are in Year 6 or more of their term.
This adjustment of licence commitments therefore applies to all
licences held by the Alba Group, namely:
- Mineral Exploration Licence ("MEL") 2013-06 (Amitsoq Graphite);
- MEL 2017-29 (Thule Black Sands);
- MEL 2017-41 (Melville Bay Iron Ore); and
- MEL 2018/25 (Inglefield Multi-Element).
George Frangeskides, Executive Chairman, commented:
"Given the gravity of the public health crisis that has
developed in the past few weeks, we think it is right to adopt some
sensible and proportionate measures in relation to the holding of
our AGM, in order to safeguard the safety of our staff,
shareholders and members of the public. We will continue to keep
the situation regarding the coronavirus pandemic under daily
review."
"I am pleased to report that the Government of Greenland has
confirmed that all licence expenditure commitments will be reduced
to zero for the entirety of the 2020 calendar year. The Government
had granted similar moratoria during previous global economic
downturns, but only for licences which had been in existence for
more than five years. We made representations of the Government for
any moratorium to be applied across the board, and so I'm really
pleased to see this now confirmed, given that the majority of our
exploration licences are less than five years old."
"We wish to thank the Ministry of Mineral Resources and the
Mineral Licence and Safety Authority, the regulator of the
Greenland mining sector, for once again responding swiftly and
decisively to the challenges those of us operating in Greenland
currently face in the light of this unprecedented global
crisis."
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 3907 4297
Cairn Financial Advisers LLP
(Nomad)
James Caithie / Liam Murray +44 20 7213 0880
First Equity Limited (Broker)
Jason Robertson +44 20 7374 2212
Alba's Project and Investment Portfolio
Project (commodity) Location Ownership
Mining Projects
Amitsoq (graphite) Greenland 90%
----------- ----------
Clogau (gold) Wales 90%
----------- ----------
Inglefield (copper, cobalt,
gold) Greenland 100%
----------- ----------
Limerick (zinc-lead) Ireland 100%
----------- ----------
Melville Bay (iron ore) Greenland 51%
----------- ----------
TBS (ilmenite) Greenland 100%
----------- ----------
Oil & Gas Investments
Brockham (oil) England 5%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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