Alba Mineral Resources plc (AIM: ALBA) has raised £300,000 in a placing and subscription involving the issue of 857,142,857 new ordinary shares at a price of 0.035 pence per ordinary share. The placing and subscription includes £17,000 by Chairman George Frangeskides and £3,000 by Michael Nott, Non-Executive Director. As part of the fundraise the company has announced a retail offer to its existing shareholders via CMC CapX on the same terms as the placing and subscription. George Frangeskides, Executive Chairman, says "the proceeds will be used primarily for upgrading project plants and blasting the company’s main Llechfraith gold target. We’ve done a lot of preparatory work there and now it's time to get into the real nitty -gritty, which is blasting and pulling out about three to four hundred tons of material from that main gold target".