Business
Joint Venture, Issue of Equity & Trading Update
Joint Venture, Issue of Equity & Trading Update.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8221W Alba Mineral Resources PLC 06 February 2012 \n \n\n \n \n6 February 2012\n \n \nAlba Mineral Resources plc\n \n(\"Alba\" or \"the Company\")\n \nMauritania Joint Venture, Share Issue and Trading Update\n\n\nAlba Mineral Resources plc (AIM: ALBA), a UK based exploration company, is pleased to announce that FOSSE Investments Limited, our joint venture partner in Mauritania, has agreed to take Ordinary Shares in Alba in satisfaction of part of the balance due by Alba to the joint venture.\n \nAlba will satisfy £26,400 of the debt due to their joint venture partner by the issue of 5,280,000 new Ordinary Shares (\"New Shares\") at a price of 0.5p per share.\n \nApplication will be made for the New Shares to be admitted to trading on AIM. It is expected that admission of the New Shares will become effective on 10 February 2012.\n \nAfter admission of the New Shares, FOSSE Investments Limited will own 5,280,000 Ordinary Shares representing approximately 4.6 per cent. of the Company's enlarged issued share capital.\n \nThe Company is in the process of completing a bank guarantee to ensure the reinstatement of part of a uranium licence in northern Mauritania that was suspended in 2011 due to a lack of fieldwork. It is hoped that fieldwork will resume on this licence in Q1.\n \nFollowing the signing of the joint venture agreement with Teck Ireland Limited (\"Teck\"), a wholly owned subsidiary of Teck Resources, in December 2011, Teck Ireland are now reviewing the data on the project with a view to starting fieldwork shortly. The licence area, which is the subject of this JV agreement, is located in the emerging Limerick Zn-Pb-Ag district in the Republic of Ireland. Additional information relating to the progress on the project will be announced when available.\n \nMichael Nott, Chairman, Alba Mineral Resources commented: \n \n\"We are very pleased to cement further our relationship with FOSSE Investments, our joint venture partner in Mauritania, particularly as we believe the joint venture's interest in a new permit area (No.1128B4), within the old permit area No.422 and where we had previously announced a significant uranium anomaly, will be reissued to the joint venture in the near future. We are also looking forw...