Alba Mineral Resources raises 355,000 pounds in placing

UK-based exploration company Alba Mineral Resources said on Friday that it has raised £355,000 in a placing of 71m new ordinary shares at 0.50p each.

It said the net proceeds of the placing will be used to satisfy ongoing commitments to existing projects, for the evaluation of new project opportunities and for general working capital purpose.

Application will be made for the new ordinary shares to be admitted to trading on AIM and it is expected that this will become effective on 26 June 2015.