Business
Approval for Alba Acquiring up to 100% of Amitsoq
Approval for Alba Acquiring up to 100% of Amitsoq.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2473X Alba Mineral Resources PLC 20 February 2017 \n\n20 February 2017\nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\nGreenland Government Approves Alba Acquiring up to 100% Ownership \nof Amitsoq Graphite Project, Southern Greenland\n \nAlba Mineral Resources plc (AIM: ALBA) is pleased to announce that the Mineral Licensing and Safety Authority (\"MLSA\") of Greenland has confirmed that the Government of Greenland has now formally approved the indirect transfer to Alba of exploration licence 2013/06, comprising the Amitsoq Graphite Project in Southern Greenland (the \"Project\"). As announced on 1 November 2016, having earned the right to a 49 per cent interest in the Project, Alba had further agreed, subject to regulatory approvals from the Greenlandic authorities, to acquire a further 41 per cent interest in the Project to take Alba to 90 per cent ownership in total.\nGeorge Frangeskides, Alba's Executive Chairman, commented:\n \n\"We are delighted to receive the approval of the Government of Greenland to Alba acquiring up to 100 per cent ownership of the Project. We are very grateful to the MLSA and the Government of Greenland for their efficient and timely consideration of the transfer application, the approval of which has been given well in advance of the forthcoming 2017 field season. This provides Alba with a strong foundation as we continue to plan our work programme for this year and look to build on the significant steps forward we have made in relation to the Amitsoq Project over the past 12 months.\" \n \nCompletion terms \nThis Government approval having been given, Alba will now proceed to complete the acquisition of the further 41 per cent interest in the Project (by the transfer of shares in the licence holder, Obsidian Mining Limited) for the balance of the purchase price owed, being £90,000 payable in cash or Alba shares (at a 20 trading day volume weighted average price) at Alba's election but with a minimum of 50 per cent in cash unless otherwise agreed. Alba will thereby become the owner of 90 per cent of the Project.\nAs from completion of the acquisition, Alba will also take over th...