LONDON (Alliance News) - Alexander Mining PLC said Monday its loss for 2017 narrowed as administrative and research & development costs also fell during the period.
Pretax loss for the year narrowed to GBP430,000 from GBP583,000 the year before, as administrative costs fell to GBP329,000 from GBP435,000 and expenses from research and development fell to GBP101,000 from GBP144,000.
The mining company reported operating loss of GBP430,000, down from GBP579,000 the year before.
In February 2017 and in November 2017, the company raised, through share placings, gross amounts of GBP750,000 and GBP600,000 respectively. The net proceeds of the placings were for general working capital purposes and also in part in the most recent placing for a potential corporate opportunity.
The company's cash position at the end of December was GBP995,000.
"Alexander will, we believe, begin to benefit significantly from its technological and market positioning during 2018 and beyond," said Chairman Alan Clegg.
Shares in the company closed at 0.15 pence, up 7.1%.
