Alexander Mining (LON:AXM) – CORP: Patent award
Market Cap: £2.5m; Current Price: 0.27p
From yesterday: patent for a Method for Leaching Zinc Silicate Ores
Alexander Mining has received a patent for a Method for Leaching Zinc Silicate Ores in Australia (patent number 2013202214). The patent will remain valid until 28/03/2033.
NORTHLAND CAPITAL PARTNERS VIEW: Continued IP protection from Alexander Mining. This patent for the zinc silicate leaching is an important one for the Company as zinc silicate mineralisation comprises a significant proportion of the non-sulphide zinc ores that Alexander Mining is targeting for AmmLeach® and is the first patent to be granted for this leaching method.
Thor Mining (LON:THR) – CORP: Corporate update
Market Cap: £1.7m; Current Price: 0.03p
Board restructuring, financing and debt to equity conversion
Thor Mining has raised £350,000 through the issue of 1,400,000,000 shares at 0.025p per shares with a one-for-one warrant with an exercise price of 0.05p with a 30 month term.
Trevor Ireland and Mick Ashton have stepped down from the Board but will continue as technical directors and Paul Johnson is to be appointed to the Board as a Non-Executive Director. Mr Johnson will be awarded 250,000,000 options at an exercise price of 0.05p and a three year expiry.
Thor Directors will convert $150,000 owed to them into 346,000,000 shares at a price of 0.025p.
Following the completion of the placing Metals Tiger will own 11.5% of the Company.
Shares to be issued in two tranches, one of which is subject to shareholder approval.
Following the issue of the two tranches, Thor Mining will have 7,482,387,510 shares in issue.
NORTHLAND CAPITAL PARTNERS VIEW: Thor Mining will uses the £350,000 to advance the Molyhil Tungsten Project, where drilling is currently underway, as well as for working capital.