For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240528:nRSb9614Pa&default-theme=true
RNS Number : 9614P Alba Mineral Resources PLC 28 May 2024
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining
28 May 2024
Alba Mineral Resources Plc
("Alba" or the "Company")
GreenRoc Update
Alba Mineral Resources Plc (AIM: ALBA) notes the RNS today by its portfolio
company, GreenRoc Mining Plc ("GreenRoc"). The GreenRoc announcement is set
out below without material changes.
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining
28 May 2024
GreenRoc Mining plc
("GreenRoc" or the "Company")
Share Placing
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 £238,311 by way of a placing of 13,239,499 new
ordinary shares of 0.1 pence each (the "Placing Shares") at a price of 1.8
pence per Placing Share (the "Placing Price") (the "Placing").
In addition, the Company's largest shareholder, Alba Mineral Resources plc
("Alba"), an Alba non-Executive Director, as well as the majority of the Board
and management of GreenRoc, have indicated their willingness to participate in
a share placing in the Company on the same terms, namely at a price of 1.8
pence per share, for a total subscription of a further £110,000, once the
Company is no longer in a "close period" for share dealings. It is
anticipated that GreenRoc will no longer be in a close period following the
publication of its audited financial results for the year ended 30 November
2023, which is expected to be by 31 May 2024. Confirmation of an additional
share placing will be made by separate RNS.
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 of 11,850,611 of the
Placing Shares (which are settling on a T+6 basis) will become effective and
that dealings will commence at 8:00 a.m. on or around 5 June 2024 with the
balance of 1,388,888 Placing Shares (which are settling on a T+20 basis)
becoming effective and dealings commencing at 8:00 a.m. on or around 19 June
2024.
Following the issue of the Placing Shares, the total issued share capital of
the Company will consist of 181,353,661 ordinary shares of 0.1 pence each. The
Company does not hold any ordinary shares in Treasury, therefore the total
voting rights in the Company following Admission will be 181,353,661. 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.
Use of Proceeds:
The raise will allow the Company to:
• supplement the Pre-Feasibility Study ("PFS") on a graphite Active
Anode Materials (AAM) Plant with studies on hydrofluoric-acid-free
purification methods. The first results of the PFS were released on 7 May
2024. The results of the updated PFS are expected to be released within the
next couple of months;
• continue the process of identifying the ideal location for the AAM
Plant;
• finalise Pressurised Flotation Cell beneficiation tests
of Amitsoq graphite ore;
• conduct testwork on the potential use of coarser flakes
from Amitsoq as feedstock for expandable graphite production;
• translate the Amitsoq Technical Project Description document into
Greenlandic and send it for Public Pre-Consultation, a precursor to the
Company's subsequent application for an Exploitation Licence;
• enter the DigBee scheme for benchmarking and disclosure of the ESG
performance of the mine;
• prepare and submit an application for Strategic Project status under
EU's Critical Raw Materials Act; and
· continue discussions with potential strategic and offtake
partners.
GreenRoc's CEO, Stefan Bernstein, commented:
"This funding will allow GreenRoc to advance on several fronts. With
respect to our plans to establish localised production of graphite AAM for the
European battery industry, we can now add some important studies to augment
the already very positive PFS that we released earlier this month. We expect
that using a hydrofluoric-acid-free purification technique will further
increase the profitability of the AAM plant. We will also be investigating
more closely some specific potential sites for the location of the AAM plant -
all being in Northern Europe.
"In relation to our upstream operations at the Amitsoq Mine, as soon as we
have received the Greenland Government's comments on our technical Project
Description document, this will be finalised, translated and sent out for
public pre-consultation. Pre-consultation is expected to take 35 days,
following which we can adjust the Project Description, prepare and submit our
formal Application for an Exploitation Permit.
"In addition to some further technical testing of our graphite, which will add
to the upcoming PFS for the Amitsoq Mine, we will also register with and
submit our data to the DigBee scheme, a leading ESG disclosure platform for
the mining industry. This will provide an independent benchmark of the ESG
performance of the mine, which will be an important deliverable in our ongoing
discussions with strategic and offtake partners."
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events.
Actual results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other
factors.
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
(http://www.albamineralresources.com/) or contact:
Alba Mineral Resources Plc
George Frangeskides, Executive Chairman
+44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott
+44 20 3368 3555
CMC Markets plc (Broker)
Thomas Smith / Douglas Crippen
+44 20 3003 8632
Alba's Projects and Investments
Alba's Projects & Investments
Projects Operated by Alba Location Ownership
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 37.49%
Horse Hill (oil) England 11.765%
Options to Purchase Held by Alba Optioned Percentage
Andover West Lithium Project Australia 50%
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IOEQKOBQKBKBBPB