Alba Mineral Resources plc has raised £300,000 in a placing and subscription of 857,142,857 new ordinary shares at 0.035 pence per ordinary share.
USES
Chairman George Frangeskides subscribed for 48,571,428 shares for £17,000 and non-executive director Michael Nott subscribed for 8,571,428 (£3,000).
Following admission, the total number of ordinary shares in issue will be 9,175,447,238, with voting rights.
The company holds no ordinary shares in treasury.
Alba also aims to raise up to approximately £100,000 in a separate retail offer, of which the results will be announced on 22 July.
Proceeds from the overall fundraise will progress Clogau-St David’s gold mine in north Wales.
Work includes blasting operations to take a bulk sample of 300 tonnes of ore and completion of trenching to extract 100 tonnes of fines from the waste tip for processing and refining for gold content.
Alba will also either upgrade its existing pilot processing plant or construct and site a new one to allow greater throughputs of ore.
Funds will additionally further marketing and offtake discussions, contracts and/or purchase of equipment for ‘first pour’ at Clogau, and go towards general working capital.