(Alliance News) - Alba Mineral Resources PLC shares on Friday shot up as the gold miner revealed its Greenlandic spinoff plans to list on London's AIM.
GreenRoc Mining PLC's initial public offering will see 111.2 million shares issued at 10 pence, giving it an expected market capitalisation of GBP11.1 million on admission.
Shares in Alba rose 10% at 0.26 pence in London on Friday morning trade.
The IPO will take place in mid-September.
GreenRoc was established by Alba in March to acquire all of its Greenlandic mining assets, which are the Thule Black Sands ilmenite project, the Amitsoq graphite project, the Melville Bay iron project and the Inglefield multi-element project.
Alba is set to receive GBP6 million in GreenRoc shares, which will represent around a 54% stake.
By Josie O'Brien; josieobrien@alliancenews.com
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Alba Mineral Resources (ALBA)