Business
GROC Update: Share Placing
GROC Update: Share Placing.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n\nAlba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining\n \n22 November 2023\nAlba Mineral Resources Plc\n(\"Alba\" or the \"Company\") \n \n \nGROC Update\nShare Placing\n \n \nAlba Mineral Resources Plc (AIM: ALBA) notes the RNS today by its portfolio company, GreenRoc Mining Plc (\"GreenRoc\"), that it has raised gross proceeds of £460,786 by way of a placing of 18,431,452 new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a price of 2.5 pence per Placing Share (the \"Placing Price\") (the \"Placing\"). Following the Placing, Alba will have a revised shareholding in GreenRoc of 38.17%.\n \nThe GreenRoc announcement is set out below without material changes.\n \nGreenRoc Mining plc\n(\"GreenRoc\" or the \"Company\")\n \nPlacing to raise £461k\n \nGreenRoc Mining Plc (AIM: GROC), a company focused on the development of critical mineral projects in Greenland, is pleased to announce that it has raised gross proceeds of £460,786 by way of a placing of 18,431,452 new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a price of 2.5 pence per Placing Share (the \"Placing Price\") (the \"Placing\").\n \nThe net proceeds of the Placing will primarily be used to complete the feasibility study of a graphite anode processing plant and to undertake ongoing work towards the completion of Environmental and Social Impact Assessment studies for the Company's Amitsoq Project in Greenland. The net proceeds will also support further commercial negotiations with potential offtake and financial partners, and general working capital requirements.\n \nParticipants in the Placing include GreenRoc Chief Executive Officer Stefan Bernstein, Non-executive Chairman George Frangeskides and Independent Non-executive Director Mark Rachovides, who each subscribed for £5,000 of shares.\n \nGreenRoc's CEO, Stefan Bernstein, commented:\n\"It is hugely satisfying that we now have the funding in place to complete the full feasibility study of the graphite anode processing plant. It will provide us with a comprehensive business case and clear path to building both the pilot scale and full production plant. With this, and our own stream of high-quality feedstock from our Amitsoq graphite mine in Greenland, GreenRoc aims to become one of only a handful of upcoming...