Alien Metals Limited - Raise of £2.5 million for Exploration Activities
Alien Metals Ltd
("Alien Metals", "Alien" or "the Company")
Alien Metals Ltd ("Alien Metals", "Alien" or "the Company"), a minerals exploration and development company, is pleased to announce that it has conditionally raised
The proceeds from the Placing augment the Company's strong cash balance and will be used to extend and accelerate a range of exploration activities across the Company's portfolio, with immediate programs to be expanded in both
· Proceeds of the Placing to be utilised for high-impact exploration in
- Initial and in-fill drilling to define strike and depth potential and grades of known mineralised veins at
- Preliminary Scoping study on the San Celso and Los Campos Silver Projects
- Development of exploration work on
- Initial drilling on highest priority targets of the Hamersley Iron Ore projects in
· Following the Placing, the Company is well capitalised with over
· Funds will also be used to continue to evaluate strategic opportunities and to conduct detailed reviews on prospective new projects
The Company is pleased to announce that it has conditionally raised
The Placing was arranged by Turner Pope Investments (TPI) Limited ("Turner Pope") and undertaken with a combination of new and existing Professional and Institutional investors.
"I am really pleased with the placing result and ongoing strong support from Turner Pope Investments and its clients, including institutional investors.
"The proceeds of this Placing will be utilised to fast-track activities in all our projects and allow us to really advance them all with larger exploration budgets. With the continued strength of silver, iron ore and gold prices, we are excited that with these additional funds we can really fast-track on our projects.
"We are eager to undertake a follow-up work program at the Hamersley Iron Ore projects in the Pilbara region of
"We continue to push for the award of drill permits in
"The Company looks forward to updating the market on a range of fronts in coming months."
USE OF PROCEEDS FOR WORK PROGRAM
The net proceeds secured from the Placing will fund the 2021 exploration activities and be utilised towards exploration and development of the Company's assets, including the following activities:
Placing proceeds will be used to fund maiden drill programs and potentially follow up in-fill programs at both the San Celso and
Alien will also continue to review other project opportunities that may fit with the Company's strategy and experience within
Following finalisation of the digitisation of historical data, the Placing proceeds will be used to update resource modelling and undertake a comprehensive trenching and sampling program at the Elizabeth Hill Silver project with possibility of some initial drilling to follow. Further, the Company is planning to undertake more detailed exploration across the conditionally acquired Exploration Licence ELA 47/4422, which surrounds
As per the RNS dated
Part of this new funding is now planned to be used for some initial scout drilling on the highest priority targets following the planned field mapping and sampling work.
The Placing Price represents a discount of approximately 28 per cent to the closing mid-market price of 1.525p on
The Placing Price is 100 per cent above that of the
The Placing is conditional on Admission of the Placing Shares to trading on AIM and, following Admission, the Placing Shares will represent, in aggregate, approximately 6.7 per cent of the Company's enlarged issued share capital. The Placing Shares will rank pari passu with existing Ordinary Shares in issue and application will be made to the London Stock Exchange for the 227,272,727 Placing Shares to be admitted to trading on AIM. Admission of the Placing Shares is expected to become effective at
Following Admission, the Company will have 3,415,997,575 Ordinary Shares of no par value in issue. The Company has no shares in treasury, therefore the figure of 3,415,997,575 should be used by shareholders for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
In addition, Turner Pope has been issued with 13,600,000 warrants to subscribe for new Ordinary Shares at
For further information please visit the Company's website at www.alienmetals.uk, or contact:
Alien Metals Limited
St-James' Corporate Services, Company Secretary
Turner Pope Investments (TPI) Limited (Joint Broker)
Tel +44 (0)20 3657 0050
Beaumont Cornish Limited (Nomad)
Tel: +44 (0) 207 628 3396
First Equity Limited (Joint Broker)
Tel +44 (0)20 7374 2212
Blytheweigh (Financial PR)
Tel: +44 (0) 207 138 3204
Notes to Editors
Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company's focus is on precious and base metal commodities.
Alien Metals has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets including two recent acquisitions in 2019. These include the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and the Elizabeth Hill Silver project, both located in the Pilbara region,
In addition to progressing and developing its portfolio of assets and following its strategic review of its portfolio of silver and precious metals projects in
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