Alexander Mining raises £0.48m in placing

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Mining, minerals and metals processing technology company Alexander Mining has successfully placed 2,375,000,000 ordinary shares at a price of 0.02p per share, it announced on Friday, raising £0.48m before expenses through its sole broker and placing agent Turner Pope Investments.

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The AIM-traded firm said the net proceeds of the placing would be used for general working capital and business development purposes.

It also announced the proposed board appointment of Nigel Burton as a non-executive director, subject to the satisfactory completion of regulatory due diligence checks.

“We are delighted to have secured this investment from new and existing shareholders to give the company the flexibility for a potential beneficial corporate opportunity and to provide additional working capital,” said Alexander Mining chief executive officer Martin Rosser.

“Also, we are delighted about the proposed board appointment of Nigel Burton and the extensive experience that he will bring to the company.”