TIDMALBA
RNS Number : 3136U
Alba Mineral Resources PLC
22 November 2023
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector:
Mining
22 November 2023
Alba Mineral Resources Plc
("Alba" or the "Company")
GROC Update
Share Placing
Alba Mineral Resources Plc (AIM: ALBA) notes the RNS today by
its portfolio company, GreenRoc Mining Plc ("GreenRoc"), that it
has raised gross proceeds of GBP460,786 by way of a placing of
18,431,452 new ordinary shares of 0.1 pence each (the "Placing
Shares") at a price of 2.5 pence per Placing Share (the "Placing
Price") (the "Placing"). Following the Placing, Alba will have a
revised shareholding in GreenRoc of 38.17%.
The GreenRoc announcement is set out below without material
changes.
GreenRoc Mining plc
("GreenRoc" or the "Company")
Placing to raise GBP461k
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased
to announce that it has raised gross proceeds of GBP460,786 by way
of a placing of 18,431,452 new ordinary shares of 0.1 pence each
(the "Placing Shares") at a price of 2.5 pence per Placing Share
(the "Placing Price") (the "Placing").
The net proceeds of the Placing will primarily be used to
complete the feasibility study of a graphite anode processing plant
and to undertake ongoing work towards the completion of
Environmental and Social Impact Assessment studies for the
Company's Amitsoq Project in Greenland. The net proceeds will also
support further commercial negotiations with potential offtake and
financial partners, and general working capital requirements.
Participants in the Placing include GreenRoc Chief Executive
Officer Stefan Bernstein, Non-executive Chairman George
Frangeskides and Independent Non-executive Director Mark
Rachovides, who each subscribed for GBP5,000 of shares.
GreenRoc's CEO, Stefan Bernstein, commented:
"It is hugely satisfying that we now have the funding in place
to complete the full feasibility study of the graphite anode
processing plant. It will provide us with a comprehensive business
case and clear path to building both the pilot scale and full
production plant. With this, and our own stream of high-quality
feedstock from our Amitsoq graphite mine in Greenland, GreenRoc
aims to become one of only a handful of upcoming vertically
integrated graphite anode producers globally and a strategically
important graphite anode supplier to the European electric vehicle
battery market.
"I am also very pleased that this fundraise will allow us to
complete the remaining parts of the Environmental and Social Impact
Assessments which, I am convinced, will lead to our application for
an exploitation permit at Amitsoq being positively received in
2024.
"I would like to thank our group of supportive investors who
continue to show their confidence in what we are building together.
We will work hard to greatly enhance the value of your
investments."
Use of Proceeds
The proceeds of the Placing are primarily being used to complete
the feasibility study on a processing plant to produce active anode
material for electric vehicle batteries using Amitsoq graphite
concentrate as feedstock. The feasibility study is being undertaken
in conjunction with specialist subcontractors Benchmark Mineral
Intelligence, ProGraphite, SLR and Decision Risk Analytics, and is
supported by a GBP250,000 grant from the UK's Advanced Propulsion
Centre (see RNS Oct 9, 2023) towards the full costs of ca.
GBP410,000. The feasibility study is planned to be concluded in Q2
2024.
The Placing will also cover the estimated remaining costs to
complete the Environmental and Social Impact Assessments (EIA and
SIA, respectively), which will be delivered in 2024. A change in
Greenlandic law from 1 January 2024 allows for the granting of an
exploitation permit prior to the submission of the final EIA and
SIA, subject to the approval of the EIA and SIA by the Greenlandic
Mining Authority. As such, the Company plans to submit its
application for an exploitation permit in 2024.
Directors' Dealing
The table below provides details of the purchase of Ordinary
Shares by Directors of the Company under the Placing and their
resulting shareholding following the purchase. The PDMR form is set
out at the bottom of this announcement.
Director Ordinary Shares Number of Placing Value of Placing Ordinary Shares % of Enlarged
in which the Shares subscribed Shares subscribed in which the Share Capital
Placee is for for Placee is
interested prior interested
to the Placing following the
Placing
George
Frangeskides 200,001 200,000 GBP5,000 400,001 0.24%
------------------ ------------------ ------------------ ----------------- ------------------
Mark Rachovides 80,000 200,000 GBP5,000 280,000 0.17%
------------------ ------------------ ------------------ ----------------- ------------------
Stefan Bernstein 1,220,000 200,000 GBP5,000 1,420,000 0.86%
------------------ ------------------ ------------------ ----------------- ------------------
George Frangeskides', Mark Rachovides' and Stefan Bernstein's
subscription for Placing Shares (the "Subscription") constitutes a
related party transaction as defined by the AIM Rules. The
independent directors of the Company (being all directors of the
Company other than George Frangeskides, Mark Rachovides and Stefan
Bernstein) consider, having consulted with Cairn Financial Advisers
LLP, the Company's nominated adviser, that the terms of the
Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants
As a commission fee for raising GBP86,900 of funding, the
Company has granted a total of 208,561 warrants with an exercise
price of 2.5 pence to G-Force Capital Ltd (the "Warrants"). The
Warrants are exercisable until 21 November 2025.
Share Placing: Admission to Trading on AIM and Total Voting
Rights
Application will be made for the Placing Shares, which will rank
pari passu with the existing ordinary shares of 0.1 pence each, to
be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and that dealings will commence at
8:00 a.m. on or around 27 November2023.
Following the issue of the Placing Shares, the total issued
share capital of the Company will consist of 165,114,162 ordinary
shares of 0.1 pence each. The Company does not hold any ordinary
shares in Treasury, therefore the total current voting rights in
the Company following Admission will be 165,114,162. This figure
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
**ENDS**
For further information, please visit www.albamineralresources.com or contact:
Alba Mineral Resources Plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott / Neil Baldwin +44 20 3368 3555
CMC Markets plc (Broker)
Thomas Smith / Douglas Crippen +44 20 3003 8632
St Brides Partners (Financial PR)
Isabel de Salis / Catherine Leftley alba@stbridespartners.co.uk
Alba's Projects and Investments
Mining Projects Operated Location Ownership
by Alba
Clogau (gold) Wales 100%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 100%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Investments Held by Alba Location Ownership
----------- ----------
GreenRoc Mining Plc (mining) Greenland 38.17%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
PFUPPGRCGUPWURP
(END) Dow Jones Newswires
November 22, 2023 03:51 ET (08:51 GMT)
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