08/09/2019 | Press release | Distributed by Public on 08/09/2019 00:37
9 August 2019
Alexander Mining plc
('Alexander' or the 'Company')
Placing to raise £475,000, proposed Director appointment & Total Voting Rights
Alexander Mining plc, the AIM-listed mining, minerals and metals processing technology company, is pleased to announce that it has successfully placed 2,375,000,000 ordinary shares of 0.001 pence each ('Ordinary Shares') at a price of 0.02p per share (the 'Placing Shares'), raising £475,000 before expenses (the 'Placing'), through its sole broker and placing agent Turner Pope Investments (TPI) Ltd ('TPI').
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 from new and existing shareholders to give the Company the flexibility for a potential beneficial corporate opportunity and to provide additional working capital. Also, we are delighted about the proposed board appointment of Nigel Burton and the extensive experience that he will bring to the Company.'
Proposed Director Appointment
The Company also announces the proposed board appointment of Nigel Burton as a Non-Executive Director of the Company, subject to the satisfactory completion of regulatory due diligence checks. Nigel brings over 14 years' experience of stockbroking and investment banking at leading City institutions including UBS Warburg and Deutsche Bank, principally focused on the energy and utilities industries. Nigel has served in numerous Non-Executive Director roles in software, energy and online retailing businesses and he is currently non-executive chairman of Regency Mines plc and Remote Monitored Systems plc, and a non-Executive director of Digitalbox plc and Tau Capital plc, all of which are listed on AIM.
Broker Warrant & Commission Shares
The funds were raised through the Company's broker, TPI. As part of their commission arrangements, the Company has agreed to issue 118,750,000 Ordinary Shares to TPI for their fundraising services (the 'Commission Shares'). In addition, the Company has also agreed to issue TPI with a warrant to subscribe in cash for up to 178,125,000 Ordinary Shares in the Company, which can be exercised at a price of 0.025p per Ordinary Share until the second anniversary of Admission.
The Placing Shares and Commission Shares will rank pari passuwith the existing Ordinary Shares and an application has been made to the London Stock Exchange for admission of the Placing Shares and the Commission Shares to trading on AIM ('Admission'). Admission is expected to occur at 8.00 a.m. on or around 16 August 2019.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 4,382,480,149 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. The figure of 4,382,480,149 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.