Alba Mineral Resources has raised £1,300,000, before expenses, through the issue of 472,727,272 new ordinary shares at a price of 0.275 pence per ordinary share.
The proceeds were raised at a price four times higher than the price of money raised last month.
Funding will now go towards Alba’s diversified portfolio including including surface drilling at the Clogau Gold Project in North Wales, preparations for a 2021 drilling programme at Thule Black Sands project (ilmenite), and a 2021 drilling programme at Amitsoq project (graphite) in Greenland.
Money will also be reserved for general working capital.
The drilling and bulk sampling programme at at Clogau-St David’s has so far seen two drill holes completed for a total of 125 metres with the third hole currently at over 66 metres.
Approximately eight tonnes of material has so far been collected from three bulk sampling targets.
“This funding will greatly strengthen our balance sheet and enable us to execute our plans for an ambitious surface drilling programme at the Clogau-St David’s Gold Mine,” said Alba executive chairman George Frangeskides.
“In addition, we will begin preparations for drilling at our high-grade Amitsoq graphite project and for resource expansion drilling at Thule Black Sands.”