29th Oct 2015 10:01
LONDON (Alliance News) - Alba Mineral Resources PLC on Thursday said it has raised GBP160,000 before expenses by issuing 64.0 million new shares at 0.25 pence each.
The UK-based exploration company said the shares were issued to satisfy additional demand.
The company said it has "agreed to grant to the subscribers in the placing warrants to subscribe for further ordinary shares on the basis of one ordinary share for every three new ordinary shares subscribed". That will results in the issue to the subscribers of warrants to subscribe for a total of 21.3 million ordinary shares.
The warrants are exercisable at 0.50 pence within 18 months following the date of grant.
Shares in Alba Mineral Resources were down 3.5% at 0.304p on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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