Alien Metals announced a short-term funding facility worth up to AUD 2m (£1.03m) via a convertible loan note on Friday.
The AIM-traded firm said the funding injection aimed to address immediate capital needs, while fueling ongoing exploration efforts across the company’s diversified resource portfolio.
It said the funds would also support strategic initiatives geared towards enhancing shareholder value.
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.