20th May 2016 12:27
LONDON (Alliance News) - Alexander Mining PLC on Friday said it has raised GBP500,000 through a share issue for general working capital purposes and to pursue the commercialisation of its Ammleach leach process technology for the mining industry.
The company will issue 500.0 million shares at 0.1 pence per share to raise the funds. Alexander shares were down 43% after the news to 0.125p.
Alexander noted the placing shares will represent around 58% of its issued share capital, as enlarged by the new shares, but said the costs of an open offer or rights issue are "not practicable or cost effective" and cannot be achieved within the necessary timeframe.
"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.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Alexander Mining