Anglesey Mining warns on future after fundraise setback

(Alliance News) - Anglesey Mining PLC on Thursday warned it could be forced into administration, after a shareholder vote put the brakes on a plan for a fundraise.

On Thursday, the mining company with operations in Wales, Sweden and Canada said investor votes on a share consolidation and the authority to allot shares were rejected by around 64% of shareholders.

"The resolutions were not passed by the requisite majorities and therefore the company will not proceed with the proposed capital reorganisation," Anglesey said.

The resolution needed to pass for a planned GBP2 million investment in Anglesey by Alumni Capital Ltd to be green lit.

Anglesey added on Thursday: "Should the company be unable to complete the capital reorganisation and therefore avail of the equity financing facility, it would be left with a limited pool of alternative options and there would be material uncertainty over the going concern status of the company. Following the results of today's general meeting, the board will seek to preserve the company's cash resources as far as practicable, and will urgently explore alternative sources of funding. However, there can be no guarantee that the company will be able to find alternative sources of funding on a timely basis. If alternative funding is not available, the directors believe that it is likely that the company could be forced to enter into administration."

Shares in the company were flat at 0.30 pence each in London on Friday morning. They had slumped 30% on Thursday.

By Eric Cunha, Alliance News news editor

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Anglesey Mining