Alecto Minerals posts a pre-tax loss of £287,155 for the six months to thee end of June compared with £264,320 a year ago. The Group's cash position as at 30 June 2016 was £567,644 (30 June 2015: £326,730).
The group also announced it has raised £600,000, before expenses, through a placing of 800,000,000 new ordinary shares at a price of 0.075p apiece.
The net proceeds of the placing provided additional working capital as we actively conduct due diligence on potential acquisition opportunities. Cost saving initiatives have continued and we will endeavour to maintain a tight control over costs going forward.