Business
Placing and Trading Update
Placing and Trading Update.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n Alba Mineral Resources PLC\n22 August 2006\n\n\n\n\n Alba Mineral Resources plc\n\n ('Alba' or 'the Company')\n\n\n\n Placing and trading update\n\n\n\nAlba Mineral Resources plc (AIM: ALBA) announces that it has today agreed to\nplace 6,307,500 new ordinary shares in the Company with investors at a price of\n8p per share to raise £504,600 before expenses for the Company. The monies\nraised will provide additional working capital for the Company and enable it to\ncontinue funding current and new exploration projects.\n\n\n\nTrading update\n\n\n\nThe Company announced its results for the year ended 30 November 2005 on 12\nApril 2006. The Company is developing a diversified exploration portfolio\nfocused on the Appalachian-Caledonide trend, a zone extending from the eastern\nseaboard of North America to Scandinavia including Scotland and Ireland. The\nCompany's overall corporate and exploration strategy is to develop a series of\nwell-researched and promising exploration properties which will be pursued\nfurther, either in the Company's own right or in conjunction with other parties.\n\n\n\nWhilst the principal objective in the immediate future is to further advance our\nnickel-copper-PGE prospect in Scotland in conjunction with our partners Inco\nEurope Ltd, we are also aware that potential mineral opportunities exist\nelsewhere. We will continue to evaluate individual projects, adding them to our\nportfolio where appropriate, whilst at the same time looking to advance the\ndevelopment of our existing projects.\n\n\n\nThe funds that have been raised through this placing will provide working\ncapital for the Company and will also finance the continued exploration of the\nCompany's existing gold, nickel and base-metal projects and to investigate,\nacquire and advance exploration properties as identified elsewhere. As at 30\nJune 2006 the Company's cash reserves totalled £307,000, with other net current\nliabilities of £116,000. Funds of approximately £145,000 have also been set\naside for specific projects, including collaborative nickel sulphide exploration\nin Scandinavia with Altius Minerals Corporation of Canada.\n\n\n\nThe funds raised through the placing will further enable the Company to continue\nwith its broader exploration programme.\n\n\n\nThe new ordinary shares will rank pari passu with the existing ordinary sha...