Business
Agreement for Additional Interest in Horse Hill
Agreement for Additional Interest in Horse Hill.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9984T Alba Mineral Resources PLC 18 October 2017 \n\nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\nAgreement to Acquire Further Interest in Horse Hill\nAlba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has executed a binding conditional agreement (\"Agreement\") to acquire the 3.1 per cent shareholding interest held by Regency Mines Plc (\"Regency\") in Horse Hill Developments Limited (\"HHDL\") (\"Sale Interest\"). The total consideration payable is £630,000 including the assignment to Alba of the benefit of all accrued loans in respect of the Sale Interest. \nAcquisition terms\nThe total purchase price of £630,000 for 31 ordinary shares in HHDL, comprising a 3.1% shareholding, shall be paid in a combination of cash and fully paid ordinary shares in Alba, with the proportion of cash and shares to be determined by Alba subject to a minimum cash component of £315,000. Any proportion of the purchase price to be settled in shares shall be settled on the basis of a deemed share price for Alba ordinary shares equal to the volume weighted average price of Alba ordinary shares in the 15 trading days prior to Completion. Any proposed disposal by Regency of Alba consideration shares shall be subject to a six month orderly marketing provision post-Completion.\nCompletion of the acquisition is subject to the satisfaction, or waiver by Alba, of certain conditions precedent including relating to confirmatory due diligence to Alba's satisfaction in respect of the Sale Interest and receipt of all necessary third party or regulatory consents, approvals and waivers (including in respect of a first right of refusal which Alba has been informed was granted by Regency to UK Oil & Gas Investments Plc in respect of Regency's remaining holding in HHDL). \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\nFor further information, please contact:\nAlba Mineral Resources plc\nGeorge Frangeskides (Executive Chairman) Tel: +44 20 7264 4366\n \nCairn Financial Advisers LLP (Nomad)\nJames Caithie/Liam Murray Tel:...