Alba Mineral Resources raises GBP160,000 in share placing

AIM-listed exploration company Alba Mineral Resources has raised a further £160,000 before expenses through the issue of 64m new shares at 0.25p each to satisfy additional demand.

In line with the recent placing announced on 19 October, the company has agreed to grant to the 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.

This will result in the issue to the subscribers of warrants to subscribe for a total of 21.3m shares.

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

At 1020 GMT, Alba shares were down 4.8% at 0.30p.