Alexander Mining PLC Placing to raise GBP420k and Business Update (1569B)
October 05 2015 - 2:00AM
UK Regulatory
TIDMAXM
RNS Number : 1569B
Alexander Mining PLC
05 October 2015
5 October 2015
Alexander Mining plc
("Alexander" or the "Company")
Placing to Raise GBP420,000 and Business Update
The Company is pleased to announce that it has raised GBP420,000
(the "Placing") through the issue of 105,000,000 new ordinary
shares of 0.1p each (the "Placing Shares") at a price of 0.4p per
share to new and existing shareholders. The net proceeds of the
Placing will be used for general working capital purposes. In
addition, Alexander has issued investors with one warrant for every
three Placing Shares to subscribe for one ordinary share in the
Company at an exercise price of 0.45p each (the "Warrants").
As a result of the Placing, the Company has adequate working
capital for its present requirements. Accordingly, the Company's
AIM trading facility will be restored at 7.30 a.m. today.
Placing Details
Alexander has issued a total of 7,359,375 warrants at an
exercise price of 0.4p to Cornhill Capital Limited ("the Broker
Warrants") in connection with the Placing. The Warrants and Broker
Warrants have a three year exercise period.
Application has been made to the London Stock Exchange for
admission of the Placing Shares and 1,000,000 ordinary shares that
were issued to satisfy existing creditors as announced on 28 August
2015 (the "Creditor Shares") to trading on AIM and dealings are
expected to commence on 8 October 2015.
Martin Rosser, Chief Executive Officer said: "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."
Business Update
The Company has maintained its focus on executing a clearly
defined commercialisation plan. Although the mining sector has been
adversely affected by depressed base metals prices, the Company
believes that a new realism about the transformational value of
innovative technology and mining asset values has occurred. This
should prove to be positive for the Company. Amongst a range of
global opportunities, the Company has selected initiatives which it
is working on as follows.
Australia
The Company is waiting to continue discussions with Compass
Resources regarding the use of its technology at the Browns Oxide
copper-cobalt mine now that the refinancing proposal has been
approved by shareholders. Separately, Alexander has also identified
several attractive copper and zinc opportunities in Australia and
the Company is in discussions with another mining company about a
possible partnership to investigate these and other opportunities.
The intention would be for the Company's partner to acquire
interests in properties and projects which have the potential to
use Alexander's AmmLeach(R) technology in exchange for a licence
agreement and technical services to suit.
Turkey
In addition to awaiting developments on the Sivas copper
property, Alexander continues to promote its technology for zinc
oxide processing in central Turkey to interested parties. Turkey
contains widespread occurrences of high grade zinc oxides in a belt
that has been mined sporadically for hundreds of years. In the
central Anatolia area, near the city of Kayseri, there are dozens
of old mines and workings, plus several that are still working.
Currently, these operations produce high grade direct shipping ore
("DSO") with a zinc content greater than 20%, which is exported for
processing by foreign smelters. Consequently miners receive a
significant discount to the contained zinc metal content.
There has been limited modern exploration in this area of Turkey
due to the lack of a technically and economically viable treatment
process for bulk tonnage 'lower' grade material (< 20% zinc
grade) and also the relative limited occurrence of DSO. However,
zinc oxide material typically grading 10-15% zinc is prevalent
throughout the belt and is the target material for Alexander's
technology.
The Company believes that its technology could be highly
beneficial for miners in this area of Turkey and is in discussions
about bringing in significant third party support.
Mexico
Alexander has been discussing opportunities for its AmmLeach(R)
technology in this region with a North American group with good
connections in Mexico. A significant number of potential
opportunities have been identified, especially for zinc oxide
exploitation, and the Company looks forward to progressing
discussions further.
Total Voting Rights
Following admission of the Placing Shares and the Creditor
Shares, the Company will have a total of 361,910,288 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 361,910,288.
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 Mobile: +44 (0) 7887 930
341 758
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
MSCLLFFAIFLSIIE
(END) Dow Jones Newswires
October 05, 2015 02:00 ET (06:00 GMT)
Eenergy (LSE:EAAS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Eenergy (LSE:EAAS)
Historical Stock Chart
From Apr 2023 to Apr 2024