StockMarketWire.com - Alba Mineral Resources [LON:ALBA] has issued 16,059,957 fully paid ordinary shares to both chief executive Michael Nott and chairman George Frangeskides in settlement of accrued fees of £30,000 owed to each of them.

Nott and Frangeskides have also been awarded 20 million share warrants each under the company's incentive plan. The warrants have an exercise price of 0.3p per share and expire on 27 March 2021. Alba was the sector's biggest riser - up more than 15.9% in late trading.

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Fratelli Investments has filed an 'early warning report' in connection with Serabi Gold [LON:SRB].

Fratelli Investments agreed to provide Serabi Gold an interim unsecured short term working capital convertible loan facility of up to US$5 million on 30 December.

The facility was for a period expiring on 31 January 2017 and for a maximum of US$5 million. The facility was available to be drawn-down in up to three separate instalments of an initial US$2 million and two further instalments of US$1.5 million each.

The facility was available to be used at any time up to 30 June 2016. Interest was chargeable at the rate of 12% per annum. There was no prepayment penalty or arrangement fee.

On 5 January, Serabi Gold announced that it had made an initial drawdown of US$2.0 million. Serabi Gold made no further draw-downs prior to 30 June.

The first US$2 million of the facility was convertible at the election of Fratelli Investments into new Serabi ordinary shares at an exercise price of 3.6 pence per new Share at any time.

On 12 August, Fratelli Investments served a notice of conversion upon Serabi Gold and in accordance with the terms of the loan, the Serabi Gold allotted to Fratelli Investments 42,312,568 new shares. The shares were acquired at a conversion price of UK£0.036 or C$0.06026 (Bank of Canada noon rate on 12 August UK£1.00 = C$1.6740) per share for aggregate consideration of approximately C$2,549,924 (US$2,000,000).

Prior to the transaction, Fratelli Investments owned or exercised control or direction over, 344,163,166 shares, representing approximately 52.42% of the issued and outstanding shares on a non-diluted basis.

Immediately following the exercise of its conversion rights and following the allotment of the new Shares, Fratelli Investments owned or exercised control or direction over, 386,375,734 Shares, representing approximately 55.30% of the enlarged issued share capital on a non-diluted basis.

Immediately following the exercise of its conversion rights and following the allotment of the new Shares, Fratelli Investments has become interested in 386,375,734 Ordinary Shares, representing 55.30% of the enlarged issued share capital.

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Stellar Diamonds' [LON:STEL] shares will be suspended from trading on AIM with effect from 07.30am pending announcement of a potential transaction, which, if completed, would be classified as a Reverse Takeover under the AIM Rules.

There is no guarantee that the Potential Transaction will be completed.

Accordingly, trading in the Company's shares on AIM will be suspended until either an admission document is published or the Company announces that the Potential Transaction will no longer be proceeding.

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The sector's biggest fallers were Trans-Siberian Gold [LON:TSG] and Stratex International [LON:STI] - down by more than 5.6% and over 3.9% respectively in late trading.


At 4:11pm:

[LON:ALBA] Alba Mineral Resources PLC share price was +0.04p at 0.26p

[LON:BEM] Beowulf Mining PLC share price was 0p at 4p

[LON:BKY] Berkeley Energia Ltd share price was 0p at 48.5p

[LON:CEY] Centamin PLC share price was -2.35p at 177.65p

[LON:CHL] Churchill Mining PLC share price was +0.5p at 26.13p

[LON:CZA] Coal of Africa Ltd share price was +0.01p at 3.56p

[LON:FDI] Firestone Diamonds PLC share price was +0.75p at 41.75p

[LON:FRES] Fresnillo PLC share price was +4p at 1941p

[LON:GEMD] Gem Diamonds Ltd share price was -4.12p at 118.88p

[LON:HOC] Hochschild Mining PLC share price was +3.65p at 312.75p

[LON:KMR] Kenmare Resources PLC share price was -1.5p at 278.5p

[LON:SRB] Serabi Mining PLC share price was 0p at 5.88p

[LON:STEL] Stellar Diamonds PLC share price was 0p at 7.13p

[LON:STI] Stratex International PLC share price was -0.08p at 1.83p

[LON:TSG] TransSiberian Gold PLC share price was -3p at 50p

[LON:VED] Vedanta Resources PLC share price was +3.25p at 549.25p



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