Alba Mineral Resources plc has completed the first stage cash and shares acquisition of the Motzfeldt niobium-rare earth elements-tantalum-zirconium project in southern Greenland.
FUNDRAISE
Current owner is Elemental Rare Metals Ltd of which Alba’s executive chairman George Frangeskides is a founder, significant shareholder and funder.
Alba said that its acquisition agreement had been modified for a more even split between the two phases, for an eventual 51% interest.
Phase I comprised £30,000 in cash and £426,930 in Alba consideration shares, totalling 1,768,560,480, at a deemed issue price of £0.0002414 (0.02414p) per share.
The price is a 20% premium to the last closing price on 27 October 2025.
Alba will issue £518,070 in consideration shares at the same issue price, totalling 2,146,103,977, for the second phase to acquire a majority 51% interest in the project.
Repayment of loans and accrued fees will also be split more evenly between both phases.
Alba’s expenditure of up to £350,000 on Motzfeldt will be £100,000 after the first phase and £250,000 after the second.
The company has also raised £500,000 in a 20% discounted placing of 3,289,473,684 new ordinary shares, at a price of 0.0152 pence per ordinary share.
Following admission of both the placing and consideration shares, Alba’s total number of ordinary shares in issue will be 19,835,050,231.
The company does not hold any ordinary shares in treasury.
Net proceeds will be used at Motzfeldt; blasting and bulk sampling at Clogau-St David’s gold mine in North Wales; drilling at the Finnsbo rare earths-copper-gold project in Sweden; and for general working capital.
The company added it had had decided against exercising its options over the Norrby and Glava licences in Sweden.
Executive chairman George Frangeskides said that work at Motzfeldt and preparations at Clogau before blasting were both progressing well.
“However these additional mandated works have materially extended both our timelines and our budget for the project, resulting in the board’s decision to raise further funds at this time.”
Alba’s chief financial officer Sarah Potter has independently of the company provided accounting services to ERM.