Alba Mineral raises GBP385,000 in placing

UK-based exploration company Alba Mineral Resources has raised £385,000 in a placing of 154m shares at 0.25p each.

In addition, the company said it has agreed to grant subscribers in the placing warrants to subscribe for further ordinary shares on the basis of one ordinary share for every three new ordinary shares subscribed, resulting in the issue of warrants to subscribe for a total of 51.3m shares.

It said the new warrants are exercisable at a price of 0.50p per share within 18 months following the date of grant.

Alba said application will be made for the new shares to be admitted to trading om AIM and it’s expected this will be effective on 23 October.

At 1302 BST, Alba shares were down 21% at 0.28p.