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Very true they jump into a share to make aquick buck when we have been invested for years ,and we know its aim and we know companies need to raise money to get anywhere but the news of permit gives alba a great opportunity now to make us all rich hope george doesnt let us down.
Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has raised £500,000 (before expenses) through the issue of 500 million new ordinary shares at a price of 0.1 pence per ordinary share (the "Placing"), conditional on the admission of such new ordinary shares to trading on AIM ("Admission").
The proceeds from the Placing are intended to be used to accelerate value-enhancing activities across the Company's 100% owned project portfolio including:
In relation to the Clogau-St David's Gold Mine in Wales:
- Operational preparations (procurement of equipment, contractors etc.) for the dewatering of the Lower Llechfraith mine area to allow for underground exploration and development to proceed at the Company's primary in-mine target;
- Operational preparations (procurement of equipment, contractors, modification of processing plant, access track upgrades etc.) for the exploitation of the Waste Tip, a key source of potential early revenue for the Company; and
- Development of feasibility studies in respect of key commercialisation routes and the piloting and development of a rigorous and traceable supply chain for Clogau gold.
In relation to corporate activities:
- Due diligence costs/payment of option fees in respect of potential new, value-enhancing project acquisitions.
All work activities are subject to timely receipt of regulatory and third-party approvals and contractor availability. The proceeds from the Placing will also be used for general working capital purposes.
Share warrants will also be issued to each subscriber in the Placing, with one warrant to be issued for every two shares subscribed for, for a total of 250 million warrants. The warrants will have an exercise price of 0.2 pence per share and an expiration date of 24 months from the date of issue. The warrants will also be subject to an accelerator provision, such that if at any time during the 24 month duration of the warrants the 10-day volume-weighted average price (VWAP) of Alba ordinary shares exceeds 0.4 pence per share, the Company may give warrant holders notice to exercise their warrants within 10 business days following the Company's notice and to pay the exercise price in full within 15 business days following the Company's notice, failing which the warrants will automatically expire.