Primorus Investments plc
("Primorus" or the "Company")
Sale of Gold Mines of Wales investment to Alba Mineral Resources PLC
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to announce it has, by way of a sale and purchase agreement and loan assignment, sold its entire holding of 49% of the issued share capital in Gold Mines of Wales Limited ("GMOW") to Alba Mineral Resources PLC ("Alba") for a total consideration of 83,333,333 shares in Alba.
At Alba's closing share price on December 1 2017 of 0.38p, these shares had a market value of approximately £316,667 and will represent 3.6% of the so enlarged issued capital in Alba. These shares are subject to a six month orderly market agreement and are due to be issued immediately upon completion of this agreement.
Alastair Clayton, Executive Director commented:
"We are pleased to have found a natural home for our minority stake in GMOW and in doing so gained a significant stake in Alba. We believe the project fits well with Alba's portfolio and expertise in directly managing natural resources projects and represents the best execution of our investment mandate for shareholders."
"Pleasingly we now have a more readily valued investment in Alba and through this retain some exposure to GMOW over time as well as a portfolio of Oil & Gas and Mining projects."
"Furthermore we, through our shareholding in Alba, gain more exposure to the Weald Basin via Alba's 18.1% holding in HHDL and significantly in Alba's 100% owned Thule Black Sands Project in Greenland where Alba recently reported 65 samples collected from the Thule 1 target showing a weighted average Total Heavy Mineral ("THM") content of a high-grade of 46.7%."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: |
+44 (0) 20 7440 0640 |
Alastair Clayton |
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Nominated Adviser: |
+44 (0) 20 7213 0880 |
Cairn Financial Advisers LLP |
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James Caithie / Sandy Jamieson |
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Broker: |
+44 (0) 20 3621 4120 |
Turner Pope Investments |
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Andy Thacker |
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