Business
Completion of Acquisition of Horse Hill Interest
Completion of Acquisition of Horse Hill Interest.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3032D Alba Mineral Resources PLC 23 October 2015 \n\n23 October 2015\nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\nCompletion of acquisition of Horse Hill interest \nFollowing its announcements of 25 September 2015 and 16 October 2015 and completion of its placing to raise £385,000, Alba is now pleased to announce that it has completed the acquisition from Angus Energy Limited (\"Angus\") of:\n- 5 per cent of the issued share capital of Horse Hill Developments Ltd (\"HHDL\"), being 50 fully paid ordinary shares in HHDL (the \"Sale Shares\"). Alba has accordingly increased its interest in HHDL from 10% to 15%; and\n- an option to farm into 5 per cent of Production Licence 235 (\"PEDL 235\"), which comprises the producing onshore Brockham Oil Field (\"Brockham\") (the \"Brockham Option\"). The Brockham Option shall be on a \"two for one promote\" basis, such that if Alba elects to exercise the Brockham Option, it must fund 10 per cent of the cost of the next well (from spudding to first oil) in order to earn its 5 per cent interest.\nAccordingly, the Company has settled the consideration payable by Alba for the Sale Shares and the Brockham Option as follows:\n- by the issue of 137,729,178 new ordinary shares in Alba;\n- by the payment of £225,000 in cash, being the balance of the cash consideration of £365,000 less the deposits previously paid; and \n- by the issue of 45,909,726 warrants to subscribe for new ordinary shares in Alba at a price of 0.5p per share. These warrants are exercisable on or before the date falling 18 months from Completion.\n8,263,751 new ordinary shares in Alba and 2,754,584 warrants to subscribe for new ordinary shares on the same terms as above have also been issued to settle advisory fees in relation to the transaction.\n \nAdmission to AIM \n \nApplication will be made for the 145,992,929 new ordinary shares to be admitted to trading on AIM. It is expected that Admission will become effective at 8.00 a.m. on 29 October 2015. Such new ordinary shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission and will...