Alexander raises cash to cover all of 2018

Alexander Mining has raised £600,000 before expenses in a placing priced at 0.15p to boost its coffers for general working capital and business development for the whole of next year.

The AIM-listed company had £672,000 cash in the bank at its 30 June year end but chief executive Martin Rosser said the new cash "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."

Turner Pope Investments placed 400m shares with clients and issued 200m warrants to the placees to subscribe for new ordinary shares at 0.225p per share, exerciseable at any time in the next two years.

Alexander also issued a total of 40m 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.