16th Feb 2015 09:35
LONDON (Alliance News) - Alba Mineral Resources PLC Monday said it has raised GBP270,000 before expenses in a placing of GBP108 million new shares at a price of 0.25 pence per share, with the proceeds to go towards ongoing commitments to its existing projects, the evaluation of new project opportunities, and for general working capital purposes.
In a statement, the exploration company said Executive Chairman George Frangeskides and Chief Executive Michael Nott subscribed for 4.0 million shares each in the placing.
Frangeskides already holds 2.0 million shares in the company plus warrants to subscribe for 5.0 million shares exercisable at a price of 0.3 pence per share, while Nott already holds 18.2 million shares in the company plus warrants to subscribe for 625,000 ordinary shares exercisable at a price of 10 pence per share and further warrants to subscribe for 10.0 million shares at a price of 0.3 pence per share.
Alba shares were up 9.2% at 0.355 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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