30th Apr 2015 16:53
LONDON (Alliance News) - Alba Mineral Resources PLC Thursday reported a pretax loss in its last financial year following its acquisition of a stake in Horse Hill Development Ltd.
The company reported a pretax loss of GBP235,751 for the year ended November 30, compared with a GBP499,433 profit the year before, after purchasing a 5% stake in Horse Hill for GBP300,000, and a further GBP65,000 paid in September pursuant to a cash call contribution request.
The group said it continues to pursue securing funding and completed a number of capital raisings during the year.
Since the year end it raised GBP270,000 through the placing of 108 million shares at 0.25 pence each in February, and a further GBP500,000 through the placing of 200 million shares at the same price in March.
"The successful recent capital raisings completed by the company in what remains a challenging investment market is a testament to the hard work and resources of the management team of the company. These fund-raisings will enable us to meet our commitments on our existing portfolio and give us the opportunity to consider other potential projects and investments moving forward," Chairman George Frangeskides said in a statement.
Shares in Alba Mineral closed down 6.7% at 0.560 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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