Business
Completion of acquisition of interest in Amitsoq
Completion of acquisition of interest in Amitsoq.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9755X Alba Mineral Resources PLC 27 February 2017 \n\n \nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\nCompletion of Acquisition of further interest in\nAmitsoq Graphite Project\n takes Alba's Ownership to 90%\n \nFurther to the announcement of 20 February 2017, Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has now completed the acquisition of a further 41% interest in exploration licence 2013/06, comprising the Amitsoq Graphite Project in Southern Greenland (the \"Project\") and now owns 90% of the Project.\nCompletion of the acquisition of this further interest was effected by the transfer of shares in the licence holder, Obsidian Mining Limited, for the balance of the purchase price owed, being £90,000, of which £50,000 will be settled by the issue to the vendor, Artemis Resources Limited, of 14,655,839 fully paid ordinary Alba shares, with the balance payable in cash.\nAlba has now also taken over the existing put and call option over the 10 per cent free carried interest held by a minority shareholder in the Project. This will enable Alba to move in future to 100 per cent ownership of the Project. \nAdmission to AIM \nApplication will be made for the 14,655,839 new ordinary Alba shares, representing approximately 0.78 per cent of the Company's so enlarged issued share capital, to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective at 8.00 a.m. on 3 March 2017. The 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 otherwise rank on Admission pari passu in all respects with the existing ordinary shares. \n \nTotal Voting Rights\nFollowing Admission, the total number of ordinary shares in issue will be 1,882,871,089. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares with voting rights will be 1,882,871,089. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transpa...