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Alexander Mining PLC (AXM)

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Thursday 16 November, 2017

Alexander Mining PLC

Placing to Raise £600,000

RNS Number : 7383W
Alexander Mining PLC
16 November 2017
 

16 November 2017

Alexander Mining plc

 

("Alexander" or "the Company")

 

Placing to Raise £600,000

 

The Directors of Alexander are pleased to announce that the Company, through its placing agent Turner Pope Investments (TPI) Ltd. ("TPI"), has placed 400,000,000 ordinary shares of 0.1p each (the "Placing Shares") at a price of 0.15p per share raising £600,000 before expenses (the "Placing").

The net proceeds of the Placing will be used for general working capital and business development purposes.

Commenting on the Placing, Martin Rosser, CEO of Alexander, said "We are delighted to have secured this investment support from TPI's clients (the "Placees") and expect that the funds raised will be adequate for covering the Company's working capital requirements for all of 2018.  In addition, this is an exciting time for the mining sector, especially for technology metals and Alexander, and we look forward to significant developments on several fronts as the result of current and new initiatives for our leaching technology."      

Details of the Placing

The Placing Shares will rank pari passu with the existing ordinary shares and an application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM ("Admission").  Admission is expected to occur at 8.00 a.m. on 22 November 2017.  

In addition to the Placing Shares, the Company has issued 200,000,000 warrants to the Placees to subscribe for new Ordinary Shares at 0.225p per share, exerciseable at any time in the two years following Admission.  The warrants will be issued to Placees on the basis of one warrant for every two Ordinary Shares subscribed pursuant to the Placing.

Alexander has also issued a total of 40,000,000 warrants to subscribe for new Ordinary Shares at 0.15p per share exerciseable at any time in the three years following Admission to TPI as part of its remuneration for effecting the Placing.

Total Voting Rights

Following Admission the Company's issued share capital will comprise 1,888,730,149 ordinary shares with voting rights.  The figure of 1,888,730,149 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. 

 

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.

 

For further information, please contact:

 

Martin Rosser

Chief Executive

Mobile: +44 (0) 7770 865 341

 

 

Alan Clegg

Non Executive Chairman

Mobile: +90 543 533 0665

 

 

Alexander Mining plc

Tel: +44 (0) 20 7078 9566

Email: [email protected]

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
 
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