Placing and Notice of General Meeting

Placing and Notice of General Meeting

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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 £750,000 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 £502,600 (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 £247,401 (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

Chief Executive Officer

Mobile: +44 (0) 7770 865 341

Matt Sutcliffe

Executive Chairman

Mobile: +44 (0) 7887 930 758

 

 

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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