16th Mar 2015 07:57
LONDON (Alliance News) - Alba Mineral Resources PLC on Monday said it has raised GBP500,000 in a share placing to back its acquisition of a further stake in Horse Hill Developments Ltd.
Alba has issued 200 million shares at 0.25 pence per share. Shares in the company closed at 0.400 pence on Friday.
Alba will use the funding to satisfy the consideration due to fellow AIM-listed company Regency Mines PLC for the acquisition of a further stake in Horse Hill Developments Ltd, the operator of the Horse Hill prospect in Surrey.
Alba said on Thursday last week it is buying Regency Mines' 5% stake for GBP300,000, giving Alba a 10% stake in the operator.
By Sam Unsted; [email protected]; @SamUAtAlliance
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