Alba Mineral Resources PLC has successfully raised £380,000 through a share placing, issuing 584,615,385 new ordinary shares at a price of 0.065 pence per share. The proceeds from the placing will be used to fund various value-enhancing activities across the company's portfolio, including operations at the Clogau-St David's Gold Mine in Wales and the wider Dolgellau Gold Field. Additionally, the funds will support corporate activities and general working capital purposes.
The company plans to use the proceeds for specific activities, such as extending the Llechfraith payshoot at the Clogau-St David's Gold Mine, extracting and processing ore from the Waste Tip at Clogau, and conducting ground-based exploration over new or refined gold targets identified within the Dolgellau Gold Field. Alba also aims to further partnership, marketing, and offtake discussions related to gold production and pursue potentially value-enhancing acquisitions and investments.
The new ordinary shares issued are expected to be admitted to trading on AIM around 5 April 2024. Following admission, the total number of ordinary shares in issue will be 8,318,304,381, with no shares held in treasury. The announcement contains forward-looking statements and inside information for the purposes of the UK Market Abuse Regulation.
For further information, visit the company's website or contact Alba Mineral Resources PLC directly. The company's projects and investments include the Clogau, Dolgellau Gold Exploration, and Gwynfynydd gold projects in Wales, as well as investments in GreenRoc Mining Plc in Greenland and the Horse Hill oil project in England.