Alecto raises £1m to restart Mowana mine

Aim-listed Alecto Minerals has raised £1-million through the issue of convertible loan notes to restart operations at its newly acquired Mowana copper mine, in Botswana. Alecto in December announced that it would acquire Cradle Arc Investments, which owns the Mowana mine, for about £6.72-million in cash and shares. The reverse takeover will see it own a 60% stake in the Mowana mine.