Alexander Mining proposes sale of sole operating asset
Alexander Mining has completed a review of its operations, it announced on Wednesday, and concluded that it was no longer in the interest of shareholders to continue to provide financial support indefinitely for its mineral processing technology activities, which were carried out by its wholly-owned subsidiary MetaLeach.
The AIM-traded firm said as a result, it was proposing to dispose of MetaLeach and change its business strategy.
It said it intended to become an AIM rule 15 cash shell, and to complete a suitable reverse takeover in accordance with the AIM rules.
“Once it has become an AIM rule 15 cash shell, the company must make an acquisition or acquisitions which constitute a reverse takeover under rule 14 of the AIM rules within six months of the general meeting, otherwise the trading of the company's shares on AIM will be suspended,” the board explained in its statement.
“If the company has not made an acquisition or acquisitions which constitute a reverse takeover under rule 14 of the AIM rules within six months of such suspension, the admission of the company's shares to trading on AIM will be cancelled.”