Alien Metals raises £2 million through share placing

Alien Metals Ltd – Australia-focused minerals exploration and development company – Completes and closes placing announced on Wednesday. Raises £2 million through the placing of 1.0 billion shares at a price of 0.2 pence each.

Placing price represented a discount of 29% to the company’s closing price of 0.28p on Tuesday, the last day before the initial announcement. Proceeds will be used to fund UK and Australian salaries, overheads, corporate activities and working capital until early 2024, Alien Metals says. They will also be used for funding exploration activities.

Alien Metals Ltd (LON:UFO) is a global minerals exploration and development company that will shortly make the transition to iron ore producer. The company was formed from Arian Silver in late 2018, retaining some of the companies more valuable Mexican projects before embarking on an acquisition led strategy, headed up by an excellent geological team and targeted entirely on Western Australia.

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