Alexander Mining raises £750,000 for potential investment

8th Feb 2017 16:51

(ShareCast News) - Shares in Alexander Mining fell almost 15% on news has placed about 535.7m shares at 0.14p each, raising £750,000 before expenses. Net proceeds would be used for a potential strategic mining corporate investment opportunity, and working capital.The investment opportunity -- for which talks were in progress -- might be complementary to Alexander Mining's leaching technology, it said in a statement.Directors were unable to give assurances that the talks regarding the potential investment would reach a successful conclusion.In such a scenario, Alexander Mining possessed the resources to investigate other opportunities in the mining and minerals processing sectors.These opportunities included extracting other metals, which might be complementary to the company's core leaching technology.At 16:44 GMT, shares in AIM-quoted Alexander Mining were down 13.24% to 0.15p each.