5th Oct 2015 07:29
LONDON (Alliance News) - Alexander Mining PLC shares were restored to trading on Monday and immediately fell as the company announced it placed new shares and said it is continuing talks to licence its technology in Australia, Turkey and Mexico.
Alexander said it raised GBP420,000 for working capital purposes via the issue of 105 million shares at 0.4 pence per share. Shares in the company were down 33% early Monday to 0.385p, the worst performer in the AIM All-Share.
In addition to the placing, Alexander has issued 7.4 million warrants exercisable at 0.4p to Cornhill Capital Ltd in connection with the placing.
"We are delighted with the outcome of the placing and thank the placees for their support. Importantly, we can now concentrate the company's efforts on the commercialisation of its processing technology," said Chief Executive Martin Rosser.
Alexander said it is currently waiting to continue talks with Compass Resources in Australia about the use of its AmmLeach technology, which is designed to cut capital and operating costs for miners by improving recovery methods. In addition to Compass, Alexander said it is in talks with several other zinc and copper companies in Australia.
Beyond Australia, Alexander is continuing to promote the technology in Turkey, despite a downturn in modern exploration activity in the country, and said it has in talks to licence the technology to an unnamed North American company operating in Mexico.
By Sam Unsted; [email protected]; @SamUAtAlliance
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