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 \n2 August 2023\nAlba Mineral Resources Plc\n(\"Alba\" or the \"Company\") \n \nGROC Update\nShare Placing\n \nAlba Mineral Resources Plc (AIM: ALBA) is pleased to note the RNS today by its portfolio company, GreenRoc Mining Plc (\"GreenRoc\"), that it has raised gross proceeds of £470,000 by way of a placing of 12,368,422 new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a price of 3.8 pence per Placing Share (the \"Placing Price\") (the \"Placing\").\n \nAlba Mineral Resources Plc (\"Alba\") has subscribed for 3,026,316 Placing Shares as part of the Placing. Following the Placing, Alba will hold 63,026,317 shares, equivalent to 42.97% of the Company's issued capital.\n \nAlba's subscription for Placing Shares (the \"Subscription\") constitutes a related party transaction as defined by the AIM Rules. The directors of the Company consider, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.\n \nAlba's Executive Chairman, George Frangeskides, commented:\n\"We have always made it clear, as GreenRoc's major shareholder, that we will look to support GreenRoc's fundraising efforts when it is feasible to do so. The GreenRoc management team has consistently delivered excellent results and made great strides at what is turning into a world-class graphite project at Amitsoq. With a completed preliminary economic assessment or PEA due to be delivered soon and graphite samples being prepared for a potential international off-take customer, Amitsoq is well set to make another quantum leap forward during the remainder of this year.\"\n \nThe GreenRoc announcement is set out below without material changes.\n \nGreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining\n \n2 August 2023\nGreenRoc Mining plc\n(\"GreenRoc\" or the \"Company\")\n \nPlacing to raise £470k\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 £470,000 by way of a placing of 12,368,422 new ordinary shares of 0.1 pence each (the \"Placing Shares...