Alba Mineral Resources Plc (LON:ALBA) has raised £750,000 of new capital, with the issue of 250mln new shares priced at 0.3p each.
The investor in natural resource assets said the injection of cash would be principally used to advance its portfolio of assets including the Horse Hill and Brockham oil projects onshore UK as well as its mining assets in Greenland and Wales.
READ: UK Oil & Gas, Alba Mineral Resources advance in early deals after Horse Hill update
It added that the new shares will be admitted to trading on London’s AIM market around April 13.
In recent weeks, Alba has strengthened its oil and gas team with new appointments that have brought in valuable sector expertise. At Horse Hill, the oil field partners recently had confirmation that a planned work programme had met the conditions for local government clearance.
Alba has a 5% stake in the Brockham project, where the operator Angus Energy today provided an update - the field has resumed production at 21 barrels of oil per day, and is expected to rise up to 35 bopd.
The Brockham partners are waiting on bureaucracy, with processes underway at Surrey County Council regarding permissions for surface activities for the BR-X4 well.
It has also highlighted “really good” progress with the Clogau gold project, in Wales, and gained important insights at the Thule black sands project in north west Greenland.