30th Sep 2019 14:38
(Alliance News) - Alexander Mining PLC on Monday said its loss narrowed in the first half of the year due to lower research & development expenses.
Alexander, which currently plans to exit its main business as a mineral processing company, posted a GBP235,000 pretax loss for the six months ended June 30, narrowed from GBP276,000.
This was due to R&D expenses, which halved to GBP51,000 from GBP103,000 and offset the rise in administrative expenses to GBP184,000 from GBP174,000.
The firm is still planning to go ahead with its recently announced strategy to dispose of its MetaLeach Ltd subsidiary and become a cash shell. It then plans to "complete a suitable reverse takeover in accordance with the AIM Rules as soon as practically possible".
This followed an operational review which concluded that it was no longer in the interest of shareholder to keep on supporting MetaLeach.
As at June 30, the firm's cash position was GBP195,000, which was followed by a GBP475.000 fundraise in August. Given these figures and its current budget, Alexander has enough working capital to make it through to June end 2020.
Shares in Alexander were flat at 0.030 pence in London on Monday afternoon.
By Anna Farley; [email protected]
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