Alexander Mining PLC Placing and Notice of General Meeting (2825W)
February 08 2017 - 2:00AM
UK Regulatory
TIDMAXM
RNS Number : 2825W
Alexander Mining PLC
08 February 2017
Alexander Mining plc
("Alexander" or "the Company")
Placing and Notice of General Meeting
The Directors of Alexander are pleased to announce that the
Company, through its placing agent Turner Pope Investments (TPI)
Ltd, has conditionally placed, in aggregate, 535,715,000 ordinary
shares of 0.1p each (the "Placing Shares") at a price of 0.14p per
share raising GBP750,000 before expenses (the "Placing").
The net proceeds of the Placing will be used for a potential
strategic mining corporate investment opportunity, for which
negotiations are in progress and which may be complementary to the
Company's leaching technology, as well as for general working
capital purposes. The Directors can give no assurances that the
negotiations regarding the potential investment will reach a
successful conclusion in which case the Company has the resources
to investigate other opportunities in the mining and minerals
processing sectors, including extracting other metals, which may be
complementary to Alexander's core leaching technology.
Commenting on the Placing, Martin Rosser, CEO of Alexander, said
"We are delighted to have secured this investment from new and
existing shareholders to progress a potential opportunity and also
to provide additional working capital for the Company."
Details of the Placing
The existing authority granted by shareholders to the Directors
to allot shares for cash is insufficient to allow the issue of all
of the Placing Shares. Therefore the Placing is being carried out
in two tranches. The first tranche which is being carried out under
the existing power granted to the Directors comprises the placing
of 359,000,000 new ordinary shares raising GBP502,600 (before
expenses) and is expected to be completed at 8.00 a.m. on 15
February 2017 ("First Admission"). The second tranche, which is
conditional, inter alia, on the passing of a resolution at a
General Meeting to be held on 27 February 2017 comprising the
placing of 176,715,000 new ordinary shares raising GBP247,401
(before expenses), is expected to be completed on 28 February 2017
("Second Admission").
Notice of General Meeting
A circular (the "Circular"), containing information in relation
to the Placing and convening the General Meeting, is expected to be
sent to shareholders this week. The Circular will also be posted on
the Company's website: www.alexandermining.com in due course.
Total Voting Rights
Following the First Admission the Company's issued share capital
will comprise 1,312,015,149 ordinary shares with voting rights. The
figure of 1,312,015,149 ordinary shares may therefore be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules. A
further announcement will be made following the Second
Admission.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The Market Abuse Regulation
("MAR") became effective from 3 July 2016. Market soundings, as
defined in MAR, were taken in respect of the proposed fundraise and
the proposed investment with the result that certain persons became
aware of inside information, as permitted by MAR. That inside
information is set out in this announcement and has been disclosed
as soon as possible in accordance with paragraph 7 of article 17 of
MAR. Therefore, those persons that received inside information in a
market sounding are no longer in possession of inside information
relating to the Company and its securities.
Enquiries:
Alexander Mining plc
Martin Rosser Matt Sutcliffe
Chief Executive Officer Executive Chairman
Mobile: +44 (0) 7770 865 Mobile: +44 (0) 7887 930
341 758
Tel: +44 (0) 20 7078 9566
Email: mail@alexandermining.com
Website: www.alexandermining.com
Northland Capital Partners
Limited
Matthew Johnson / Gerry
Beaney
+44 (0) 20 3861 6625
(Corporate Finance)
John Howes
(Corporate Broking)
Turner Pope Investments
(TPI) Ltd
James Pope / Ben Turner
+44 (0) 20 3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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