Finance Metals & Minerals News

Alba raises £300,000 via placing

Alba Mineral Resources plc has raised £300,000 by a placing of one billion new ordinary shares at 0.03 pence per ordinary share.

USES

Following admission, the company’s total ordinary shares in issue will number 10,736,939,266, with none held in treasury.

Alba today also opened a separate retail offer at the same price per share to raise an expected £100,000, or more subject to demand, by its close on 11 November.

Net proceeds will be used to progress operations at Clogau gold mine in north Wales, upgrade the processing plant and to produce and market “pure gold coins and other products” from gold extracted from the reprocessed ore.

The company will additionally pay an option fee for the new Finnsbo rare earth option and a possible portfolio of gold licences in East Africa.

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