Alba Mineral Resources PLC has noted the recent announcement by its portfolio company, GreenRoc Mining Plc, regarding a successful share placing. GreenRoc has raised gross proceeds of £238,311 through the placement of 13,239,499 new ordinary shares at a price of 1.8 pence per share. Additionally, Alba and the majority of the GreenRoc Board and management have expressed their intention to participate in a further share placing at the same price once the company is no longer in a "close period" for share dealings.
The Placing Shares are expected to be admitted to trading on AIM, with the first batch becoming effective on or around 5 June 2024 and the remaining shares on or around 19 June 2024. Following this placement, the total issued share capital of GreenRoc will consist of 181,353,661 ordinary shares of 0.1 pence each.
The funds raised will be utilized for various purposes, including supplementing the Pre-Feasibility Study on a graphite Active Anode Materials (AAM) Plant, identifying the ideal location for the AAM Plant, conducting tests on graphite ore, and preparing an application for Strategic Project status under the EU's Critical Raw Materials Act. GreenRoc's CEO, Stefan Bernstein, expressed that the funding will enable the company to advance on several fronts, particularly in establishing localised production of graphite AAM for the European battery industry and further technical testing of their graphite.
This announcement contains forward-looking statements and is subject to certain risks and uncertainties.