Alba Mineral Resources PLC has successfully raised £300,000 through a share placing and subscription, with the participation of the company's Chairman and Non-Executive Director. The funds will be used for various value-enhancing activities across the company's portfolio, including the Clogau-St David's Gold Mine in Wales and corporate activities. The company also plans to conduct a retail offer to existing shareholders to raise up to approximately £100,000.
The proceeds from the fundraising will be utilized for blasting and bulk sample collection at the Llechfraith Target, the completion of the trenching program at Clogau, and design and specification work for upgrading the existing pilot processing plant or constructing a new processing plant. Additionally, the funds will be allocated for ongoing marketing and offtake discussions, as well as general working capital purposes.
George Frangeskides, Alba's Executive Chairman, expressed his enthusiasm about the funding, stating that it will facilitate the blasting and bulk sample collection exercise at the Llechfraith Target, the primary target for future gold production within the Clogau Gold Mine. He also highlighted the significant efforts made by the Alba team and their professional advisers, consultants, and contractors over the past several years to reach this point.
The company also announced a retail offer for existing shareholders via their brokers, CMC CapX, as a gesture of appreciation for the support received throughout the journey. Furthermore, the Chairman and Non-Executive Director participated in the share subscription, which was considered a related party transaction and deemed fair and reasonable by the independent director of the company.
The company has provided detailed information about the share placing, subscription, and retail offer, as well as the proposed utilization of the funds, in a comprehensive announcement available on their website under "Investor Relations."