A hive of corporate activity is brewing at Alexander Mining, with the AIM-listed company set to complete a reverse takeover of eLight Group Holdings Ltd and sell off its mineral processing technology business, MetaLeach Ltd.
Back in September, the board of Alexander announced it had completed a review of its operations and concluded it was no longer in shareholders’ interests for the company to “continue to provide financial support indefinitely for its mineral processing technology activities”. It said it would look to dispose of MetaLeach and change the company’s business strategy in the wake of this review, becoming an “AIM Rule 15 cash shell” looking to complete a suitable reverse takeover in accordance with AIM Rules.
Today, Alexander said it was in advanced negotiations to acquire the entire issued share capital of eLight, an “energy efficiency as a service” company with operations in the UK and Ireland, which provides commercial customers with immediate energy and cost reductions with zero upfront investment.
The company also intends to seek Alexander shareholder approval at the general meeting for the disposal of MetaLeach, as well as the entire issued share capital of MetaLeach Ltd.
MetaLeach was formed to enable the commercialisation of its proprietary hydrometallurgical mineral processing technologies. It owns the intellectual property to two ambient temperature, ambient pressure, hydrometallurgical technologies, namely AmmLeach® (patents pending) and HyperLeach® (patents pending).
“These technologies are environmentally friendly, cost effective processes for the extraction of base metals from amenable ore deposits and concentrates allowing the production of high value products at the mine site (ie metal powder or sheets),” the company said.
Alan Clegg, Non-Executive Chairman of Alexander, said: “I am delighted that Alexander has been able to advance into rapid execution of the new strategy announced to the benefit of our shareholders. Simultaneously, having found a strong mining industry buyer for the company’s MetaLeach business, as well as an attractive acquisition opportunity for the remaining shell, is fortuitous and satisfying for the board.”
