Business
Placing
Placing.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4439N Alba Mineral Resources PLC 28 July 2014 \n\n \nAlba Mineral Resources plc\n \n(\"Alba\" or \"the Company\")\n \nShare placing\n \n \nAlba Mineral Resources plc (AIM:ALBA), the UK based exploration company is pleased to announce that it has raised £305,000 (before expenses) through the placing of 61,000,000 new ordinary shares at a price of 0.5 pence per ordinary share (the \"Placing\"). \n \nBackground to and reasons for the Placing \n \nAs announced on 11 July 2014, Alba has a binding agreement in place to acquire a 5 per cent. interest in Horse Hill Developments Limited (\"HHDL\"), a special purpose company which has the right to acquire a 65 per cent. participating interest and operatorship of UK onshore Petroleum Exploration and Development Licence (PEDL) 137. The total consideration payable by the Company is £300,000. \n \nThe proceeds of the Placing will be used to satisfy the Company's investment in HHDL, for the development of the Company's project portfolio and for general working capital purposes.\n \nDirector's Dealings\n \nMr. George Frangeskides, a director of the Company, has subscribed for 2,000,000 in the placing at a price of 0.5 pence per ordinary. In addition to this interest Mr Frangeskides holds warrants to subscribe for 5,000,000 ordinary shares exercisable at a price of 0.3 pence per share. Mr Frangeskides holds no other interests in the shares of the Company.\n \nAdmission to AIM\n \nApplication will be made for the new ordinary shares to be admitted to trading on AIM. It is expected that admission will become effective at 8.00 a.m. on 4 August 2014. 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. The new ordinary shares are not being made available to the public and are not being offered or sold in any jurisdiction where it would be unlawful to do so.\n \nTotal Voting Rights\n \nFollowing admission, the total number of ordinary shares in issue will be 392,624,352. The Company does not hold any ordinary shares in treasury. Therefo...