Alba Mineral Resources plc has raised £500,000 before expenses through the issue of 500 million new ordinary shares at a price of 0.1 pence per ordinary share.
Each subscriber in the discounted placing will receive one warrant for every two subscribed shares, 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.
Conditional on admission, the total number of ordinary shares in issue will be 7,121,568,996.
USES
Proceeds will accelerate activities at Clogau-St David’s gold mine including operational preparations to dewater the Lower Llechfraith mine area, exploit the waste tip and develop feasibility studies.
Alba added that funds would also meet due diligence costs or payment of option fees in respect of potential new, value-enhancing project acquisitions, as well as for general working capital.