The Board of Alexander Mining plc (AIM:AXM) announces that it has completed a review of its operations and has concluded that it is no longer in Shareholders' interests for the Company to continue to provide financial support indefinitely for its mineral processing technology activities, which are carried out by the Company's wholly owned subsidiary, MetaLeach Limited ('MetaLeach').
The Board is therefore proposing to dispose of MetaLeach and change the Company's business strategy. The Company intends 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. 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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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