Alexander Mining PLC Subscription to raise GBP295,000 (3753X)
August 28 2015 - 2:01AM
UK Regulatory
TIDMAXM
RNS Number : 3753X
Alexander Mining PLC
28 August 2015
Alexander Mining plc
("Alexander" or the "Company")
Subscription to raise GBP295,000
The Company is pleased to announce that it has raised GBP295,000
(the "Subscription") through the issue of 59,000,000 new ordinary
shares of 0.1p each (the "Subscription Shares") at a price of 0.5p
per share to existing shareholders. The proceeds of the
Subscription will be used for general working capital purposes. In
addition, Alexander has issued investors with one option per
Subscription Share to subscribe for one ordinary share in the
Company at an exercise price of 2.5p each (the "Options"). Both the
Subscription Shares and the Options, once exercised, are subject to
a two year hold period.
Ebullio Resources Fund (Cayman) ("Ebullio") has subscribed for
50,000,000 Subscription Shares and consequently its shareholding in
the Company will be 60,000,000 representing 19.0 per cent. of the
enlarged share capital of Alexander.
As a former substantial shareholder in Alexander, Ebullio is a
related party of the Company and the Subscription constitutes a
related party transaction as defined by Rule 13 of the AIM Rules
for Companies. The directors of the Company, having consulted with
Northland Capital Partners Limited, the Company's Nominated
Adviser, consider that the terms of the Subscription are fair and
reasonable in so far as the Company's shareholders are
concerned.
Alexander has also issued a total of 1,000,000 new ordinary
shares at a price of 0.60p per share to satisfy existing creditors
(the "Creditor Shares").
Application has been made to the London Stock Exchange for
admission of the Subscription Shares and the Creditor Shares to
trading on AIM and dealings are expected to commence on 3 September
2015.
Martin Rosser, Chief Executive Officer said: "We appreciate the
support of our existing shareholders who have participated in this
fundraising. Ebullio's participation is especially valued as we
have developed a close relationship together over the last few
years. We also look forward to updating the market with
developments regarding Ebullio's Sivas copper project in Turkey, as
announced on 16 April 2015, where it has the potential to use
Alexander's proprietary leaching technologies."
Total Voting Rights
Following admission of the Subscription Shares and the Creditor
Shares, the Company will have a total of 315,910,288 ordinary
shares in issue with each share carrying the right to one vote. The
Company does not hold any shares in treasury. Therefore, the total
number of ordinary shares with voting rights will be 315,910,288.
This figure may 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.
Enquiries:
Alexander Mining plc
Martin Rosser Matt Sutcliffe
Chief Executive Officer Executive Chairman
Mobile: +44 (0) 7770 865 341 Mobile: +44 (0) 7887 930 758
Tel: +44 (0) 20 7292 1300
Email: mail@alexandermining.com
Website: www.alexandermining.com
Northland Capital Partners Limited
Matthew Johnson / Gerry Beaney
+44 (0) 20 7382 1100
(Corporate Finance)
John Howes / Abigail Wayne
(Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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