13th Jan 2015 08:17
LONDON (Alliance News) - Alexander Mining PLC Tuesday said it has raised GBP360,000 gross by issuing 72.0 million new shares at 0.5 pence each to institutions and other investors, money it will use for general working capital purposes.
Hume Capital Securities PLC was the placing agent for the fundraising. Alexander Mining said it has issued 3.6 million warrants to Hume in connection with the placing, allowing the broker to subscribe for shares at the placing price for a period of two years.
Alexander Mining also appointed Hume Capital Securities as a joint broker, joining Northland Capital Partners Ltd with immediate effect.
In addition, Alexander Mining said in a statement that it has also issued 2.6 million new shares to an adviser and consultant as payment for fees "generated in the ordinary course of business".
About 1.1 million fee shares were issued to Northland Capital Partners, which is also the company's nominated adviser, at 0.825 pence per share, with 1.5 million fee shares issued to an unidentified consultant that provided investor relations and advisory services in Europe at 0.80 pence per share.
Alexander Mining shares were down 26% at 0.570 pence shortly after the market open on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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