28th Jul 2014 10:53
LONDON (Alliance News) - Alba Mineral Resources PLC Monday said that it has raised GBP305,000 before expenses in a new share placing, with the proceeds to be used to pay for its investment in Horse Hill Developments Ltd, the development of its project portfolio and for general working capital purposes.
In a statement, the UK-based exploration company said that it raised the funds by placing 61.0 million new shares at 0.5 pence each.
Alba has a binding agreement in place to acquire a 5% interest in Horse HIll Developments, a special purpose company which has the right to acquire a 65% participating interest and operatorship of UK onshore Petroleum Exploration and Development Licence 137. The total payable by Alba is GBP300,000.
George Frangeskides, a director of the company, has subscribed for 2.0 million of the placing shares.
"We are very pleased to have secured this investment from new shareholders. The next few months should be an exciting time for the company with the drilling of the Horse Hill-1 well in Surrey. Horse Hill has significant potential, not least after the results that Esso obtained in the 1960s," Chief Executive Michael Nott said in a statement.
"Alba also continues to pursue its own exploration activities at its wholly-owned lead-zinc-silver project in Ireland and its uranium joint venture project in Mauritania. In addition we continue to evaluate other project opportunities in a number of countries and commodities," Nott added.
Alba Mineral Resources shares were Monday up 6.3% at 0.637 pence.
By Samuel Agini; [email protected]; @samuelagini
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