Alba Mineral Resources PLC (LON:ALBA), one of the junior partners in the ‘Gatwick gusher’ well at Horse Hill in Sussex, has successfully raised £900,000.
The stock, which has advanced around 19% over the last month, was placed at 0.2p, or a 24% discount to Friday’s closing price.
The cash will be used to “advance the company’s interests” across its portfolio, including Horse Hill, Greenland (where it owns a graphite deposit), Ireland, (where it is interested in base metals and gold) and Mauritania (uranium).
Alba owns 15% of Horse Hill Developments, the company developing one of Britain’s most exciting onshore projects in recent memory.