Business
100% Ownership of Clogau Gold & Operations Update
100% Ownership of Clogau Gold & Operations Update.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \n \n \n Alba Mineral Resources plc\n \n \n \n (\"Alba\" or the \"Company\")\n \n \n Alba Moves to 100% Ownership of Clogau Gold Mine\n \n \n & Operational Update\n \n \n \n \n \n \n \n Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has agreed to acquire the remaining 10% interest in Gold Mines of Wales Limited (\"GMOW\") to take 100% ownership of the Clogau Gold Project (the \"Project\"). Situated within the Dolgellau Gold Belt in Wales, United Kingdom, the Project comprises the Clogau Gold Mine (the \"Mine\"), where Alba has identified a number of highly prospective gold targets through extensive exploratory drilling in 2020-21, as well as a large number of gold targets and former gold workings outside of the footprint of the Mine within a total option area of 106.94 km\n ²\n . \n \n \n Alba is also pleased to provide an operational update which covers the dewatering of the Llechfraith Shaft, one of the priority targets within the Mine, as well as confirmation of the renewal of the licence to the Limerick Base Metals Project.\n \n \n Highlights\n \n \n ·\n Alba to acquire remaining 10% of the Clogau Gold Project, taking its total ownership of the Project to 100%.\n \n \n ·\n Alba to buy back a 3% net smelter return royalty owned by the vendor, reducing the royalty to 1%, as well as a residual ~£72,000 of loans held by the vendor.\n \n \n ·\n Total consideration payable is £400,000\n \n \n o \n Payable by the issue of 200 million Alba ordinary shares at a price per share of 0.2p (the \"Consideration Shares\"), being a premium of 25 per cent to the closing share price of 0.16p on 22 August 2022, plus 81,930,830 two-year share warrants with an exercise price of 0.4p per share.\n \n \n o \n Consideration Shares to be subject to a 12-month lock-up/orderly marketing restriction.\n \n \n ·\n Good progress made in further ecological surveying/data generation in support of plan to dewater Llechfraith Shaft at Clogau Gold Mine.\n \n \n o \n Alba expects to submit updated ecological/technical report and renewed permit applications in first half of September.\n \n \n ·\n Alba's Limerick Base Metals Project licence renewed for two further years.\n \n \n \n \n \n George Frangeskides, Alba's Executive Chairman, commented:\n \n \n \"It is a measure of our confidence in the long-te...