Alba Mineral Resources plc has acquired outstanding minority interests to complete its 100% ownership of the Amitsoq graphite and Melville Bay iron ore projects in Greenland.
The acquisitions are a precursor to the spin-out of Alba’s Greenland projects into a new AIM-quoted company Listco.
The transaction requires 100% ownership of all the Greenland projects to be delivered to Listco.
In return, Alba will receive 100% of the Listco consideration shares from the disposal of the Greenland assets to Listco.
DETAILS
Alba acquired the 10% shareholding in Obsidian Mining Ltd, the owner of the Amitsoq graphite project, for £275,000 in Alba ordinary shares for a total of 106,920,684 Alba shares.
Following an agreed dilution of the minority shareholder’s interest in White Fox Resources Ltd (WFRL), the owner of the Melville Bay project, the remaining approximately 15% holding in WFRL has been acquired by Alba for £95,000 in Alba ordinary shares for a total of 36,936,236 Alba shares.
The company has also acquired the rights to an extensive exploration data set for the Melville Bay project from a previous operator for £40,000 in Alba ordinary shares for a total of 15,552,100 Alba shares.