29th May 2014 10:11
LONDON (Alliance News) - Minerals exploration company Alba Mineral Resources PLC Thursday said it had raised GBP60,000 through a share subscription, money it will use for working capital as it looks to advance its projects in Mauritania and Ireland.
In a statement, the company said it raised the money through a subscription of 24 million new shares at 0.25 pence each. It has also agreed to grant the subscribers warrants to subscribe for further shares on the basis of one ordinary share for every two new ordinary shares subscribed.
It said the terms of the subscription were the same as those in its March share placing, which raised it GBP230,718 before expenses.
Alba didn't reveal all the subscribers, but said Starvest PLC had subscribed for 4 million shares, taking its holding to 27.9 million shares, or an 8.4% stake.
Alba Mineral Resources shares were up 2.8% at 0.257 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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