Alexander Mining (LSE: AXM) and it’s balance sheet blues have been well documented here at Sharesandstockmarkets.com:
- The Alexander Mining Balance Sheet. Look Away Now.
- Alexander Mining’s RNS Today – Just Wow!
- The Alexander Mining Results Really Are Silly
We appreciate the support of our existing shareholders who have participated in this fundraising. Ebullio’s participation is especially valued as we have developed a close relationship together over the last few years
Chief Executive Martin Rosser
Can you imagine buying into this subscription even at a massive discount to the market price?
Here’s what I valued Alexander Mining at the last time I had a look at their financials:
From a balance sheet valuation perspective, Alexander Mining Plc as a business is worth minus £274,000.
I also noted the following from note 2 to the accounts
Based on a review of the Group’s budgets and cash flow forecasts, the directors have identified that if current and near-term corporate development opportunities are unsuccessful in providing adequate funding then the Company will need to raise finance within the next twelve months in order to continue its operations and to meet its commitments.
This fund raising was telegraphed as was the slow agonising death of this AIM listed mining and mineral processing technologies company.
Sometimes, when you pick over financial statements and base your investment philosophy on a time-tested value-orientated strategy, you can avoid buying into garbage.