TIDMALBA
RNS Number : 9834H
Alba Mineral Resources PLC
02 August 2023
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector:
Mining
2 August 2023
Alba Mineral Resources Plc
("Alba" or the "Company")
GROC Update
Share Placing
Alba Mineral Resources Plc (AIM: ALBA) is pleased to note the
RNS today by its portfolio company, GreenRoc Mining Plc
("GreenRoc"), that it has raised gross proceeds of GBP470,000 by
way of a placing of 12,368,422 new ordinary shares of 0.1 pence
each (the "Placing Shares") at a price of 3.8 pence per Placing
Share (the "Placing Price") (the "Placing").
Alba Mineral Resources Plc ("Alba") has subscribed for 3,026,316
Placing Shares as part of the Placing. Following the Placing, Alba
will hold 63,026,317 shares, equivalent to 42.97% of the Company's
issued capital.
Alba's subscription for Placing Shares (the "Subscription")
constitutes a related party transaction as defined by the AIM
Rules. The directors of the Company consider, having consulted with
SPARK Advisory Partners Limited, the Company's nominated adviser,
that the terms of the Subscription are fair and reasonable insofar
as the Company's shareholders are concerned.
Alba's Executive Chairman, George Frangeskides, commented:
"We have always made it clear, as GreenRoc's major shareholder,
that we will look to support GreenRoc's fundraising efforts when it
is feasible to do so. The GreenRoc management team has consistently
delivered excellent results and made great strides at what is
turning into a world-class graphite project at Amitsoq. With a
completed preliminary economic assessment or PEA due to be
delivered soon and graphite samples being prepared for a potential
international off-take customer, Amitsoq is well set to make
another quantum leap forward during the remainder of this
year."
The GreenRoc announcement is set out below without material
changes.
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
2 August 2023
GreenRoc Mining plc
("GreenRoc" or the "Company")
Placing to raise GBP470k
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased
to announce that it has raised gross proceeds of GBP470,000 by way
of a placing of 12,368,422 new ordinary shares of 0.1 pence each
(the "Placing Shares") at a price of 3.8 pence per Placing Share
(the "Placing Price") (the "Placing").
The net proceeds of the Placing will be put towards finalisation
of the preliminary economic assessment (PEA) of the Amitsoq
project, laboratory preparation of different graphite product
samples as requested by a potential offtaking company, ongoing work
including field sampling in relation to the Environmental and
Social Impact Assessment studies and test processing of Amitsoq
graphite ore by new flotation cells developed by a consortium led
by Danish multinational technology company FLSmidth & Co A/S
("FLSmidth"). The net proceeds will also support further commercial
negotiations with potential offtake and financial partners, and
general working capital requirements.
GreenRoc's CEO, Stefan Bernstein, commented:
"I am very pleased about our successful raise of GBP470,000,
which will allow us to finalise the PEA for publication in
September, and further progress the work programme and planning for
the development of the Amitsoq graphite deposit towards
production.
"We are grateful for the participation in the placing of Alba
Mineral Resources Plc and other existing shareholders of GreenRoc,
which we take as a confirmation of the strength of their continuing
belief in the fundamentals of GreenRoc and our world-class Amitsoq
project.
"The raise was undertaken at 3.8p which is our current share
price and I take that as yet another sign of strong support and
belief in our Amitsoq project.
"I am also excited to supply a 200kg sample of Amitsoq graphite
ore for test runs using FLSmidth's new REFLUX(TM) technologies.
These REFLUX(TM) cells are newly developed and have shown to vastly
improve recovery rates while reducing ore processing time, power
and water consumption, capital and running costs and space needs
for several different ore types. Positive results from this test
will be very helpful in delineating the right processing technique
at Amitsoq."
Alba Mineral Resources Plc holding
Alba Mineral Resources Plc ("Alba") has subscribed for 3,026,316
Placing Shares as part of the Placing. Following the Placing, Alba
will hold 63,026,317 shares, equivalent to 42.97% of the Company's
issued capital.
Related Party Transaction
Alba's subscription for Placing Shares (the "Subscription")
constitutes a related party transaction as defined by the AIM
Rules. The independent directors of the Company (being all
directors of the Company other than George Frangeskides and Mark
Austin) consider, having consulted with Cairn Financial Advisers
LLP, the Company's nominated adviser, that the terms of the
Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants
As a commission fee for raising GBP200,000 of funding, the
Company has granted a total of 315,789 warrants with an exercise
price of 3.8 pence to G-Force Capital Ltd (the "Warrants"). The
Warrants are exercisable until 7 August 2025.
Share Placing: Admission to Trading on AIM and Total Voting
Rights
Application will be made for the Placing Shares, which will rank
pari passu with the existing ordinary shares of 0.1 pence each, to
be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and that dealings will commence at
8:00 a.m. on or around 7 August 2023.
Following the issue of the Placing Shares, the total issued
share capital of the Company will consist of 146,682,710 ordinary
shares of 0.1 pence each. The Company does not hold any ordinary
shares in Treasury, therefore the total current voting rights in
the Company following Admission will be 146,682,710. 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 in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
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**
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 / Neil Baldwin +44 20 3368 3555
CMC Markets plc (Broker)
Thomas Smith / Douglas Crippen +44 20 3003 8632
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%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Investments Held by Alba Location Ownership
----------- ----------
GreenRoc Mining Plc (mining) Greenland 42 .97 %
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
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August 02, 2023 02:00 ET (06:00 GMT)
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