4th Mar 2014 13:50
LONDON (Alliance News) - Alba Mineral Resources PLC conditionally raises GBP230,718 before expenses through the subscription of 92.3 million shares at a price of 0.25 pence per share.
The uranium-focused exploration company, with operations in Mauritania, said the subscription was made with an investor with a background in the natural resources sector and it has agreed to grant the subscriber warrants to subscribe for further shares in the basis of one share for every two new shares subscribed.
The company said the funds will be used to provide working capital, develop the firm's asset portfolio and investigate further opportunities.
Alba added that its board will now be restructured so that Michael Nott steps down as Chairman and becomes Chief Executive Officer and Nigel Duxbury will resign as Chief Financial Officer.
Alba Minerals Resources shares were down 7.1% to 0.325 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Alba Mineral Resources