TIDMALBA
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 GBP500,000 (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 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 Location Ownership
by Alba
Clogau (gold) Wales 100%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 100%
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Gwynfynydd (gold) Wales 100%
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Limerick (zinc-lead) Ireland 100%
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Investments Held by Alba Location Ownership
----------- ----------
GreenRoc Mining Plc (mining) Greenland 54%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
IOEFFAFLSEESEFF
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