(Alliance News) - Alexander Mining PLC said Friday it has acquired eLight Group Holdings Ltd for GBP6.6 million and changed its name to eEnergy Group PLC as a result.
eLight is an energy efficiency as a service company that provides commercial customers with immediate energy and cost reductions with zero upfront investment, the company claims.
The acquisition, which is subject to shareholder approval, constitutes a reverse takeover under the AIM Rules, Alexander Mining noted.
Upon completion, the company will trade under the name of eEnergy Group PLC and its new ticker symbol will be "EAAS".
The company also said it has conditionally raised GBP2.0 million through a placing of 26.7 million of new ordinary shares at 7.5 pence, which will be used to finance the development of eLight and for working capital.
Back in September, Alexander Mining had said it intended to dispose of its wholly owned subsidiary, MetaLeach Ltd, and make an acquisition which constituted a reverse takeover.
In November, the company had announced that it was seeking a suspension of trading in its shares on AIM and was seeking to acquire the entire issued share capital of eLight.
Following the acquisition, the temporary suspension of trading on AIM has been lifted on Friday morning.
Alexander Mining shares were up 45% in London at 0.040 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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