Alexander Mining resumes trading on AIM after share placing

Alexander Mining resumed trading on AIM on Monday after it raised £420,000 through the issue of 105m shares at 0.4p per share to new and existing shareholders, giving it adequate working capital for its present requirements.

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.

Chief executive officer Martin Rosser 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."

The company also said it is continuing talks to licence its technology in Australia, Turkey and Mexico.

Alexander said it 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, the company has also identified several attractive copper and zinc opportunities in Australia and is in discussions with another mining company about a possible partnership to investigate these and other opportunities.

At 1038 BST, Alexander Mining shares were down 28% at 0.41p.