Alba Mineral Resources PLC Issue of Equity (0543P)

TIDMALBA

RNS Number : 0543P

Alba Mineral Resources PLC

25 August 2017

Alba Mineral Resources plc

("Alba" or "the Company")

Placing to raise GBP1,065,000

Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has raised GBP1,065,000 (before expenses) through the issue of 266,250,000 new ordinary shares at a price of 0.4 pence per ordinary share (the "Placing"), conditional on the admission of such new ordinary shares to trading on AIM ("Admission").

The placing proceeds will be principally used to advance the Company's interests across its existing portfolio of assets in the onshore UK oil and gas sector (Horse Hill and Brockham), its mining exploration portfolio, notably the high grade Amitsoq graphite project and Thule mineral sands project, both in Greenland, for further project or investment opportunities and 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 will become effective at 8.00 a.m. on 4 September 2017. 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 2,154,121,089. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares with voting rights will be 2,154,121,089. 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.

For further information please contact:

 
                                            [phone] 
 Alba Mineral Resources Plc                  4366 
 George Frangeskides, Executive Chairman 
 
                                            [phone] 
 Cairn Financial Advisers LLP                0880 
 James Caithie/Liam Murray 
 
 Dowgate Capital Stockbrokers Limited       [phone] 
 
 
 

Alba's Project Portfolio

Oil & Gas

Horse Hill (Oil & Gas, UK): Alba holds a 15 per cent interest in Horse Hill Developments Limited, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin.

Brockham (Oil & Gas, UK): Alba has a direct 5 per cent interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.

Mining

Amitsoq (Graphite, Greenland): Alba owns a 90 per cent interest in the Amitsoq Graphite Project in Southern Greenland and has an option over the remaining 10 per cent.

Black Sands (Ilmenite, Greenland): Alba owns 100 per cent of mineral exploration licence 2017/29 in the Thule region, North-West Greenland.

Limerick (Base Metals, Ireland): Alba has 100 per cent of the Limerick base metal project in the Republic of Ireland.

El Mreiti (Uranium, Mauritania): Alba has applied for the reissue of a uranium permit in northern Mauritania, centred on known uranium-bearing showings.

Alba continues actively to review numerous other project opportunities which have value-enhancing potential for the Company whether by bolt-on or stand-alone acquisition, farm in or joint venture.

Web: www.albamineralresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

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August 25, 2017 10:06 ET (14:06 GMT)