Alien Metals Limited, focused on the exploration and development of the Hancock iron ore Project and the Pinderi Hills project in Western Australia, has secured a short-term funding facility of up to A$2 million through a convertible loan note. The funding will meet short-term capital requirements and contribute towards exploration and strategic funding options. The company is actively exploring potential sales or joint ventures of non-core assets to further fund its projects.
The company has appointed Mr. Rob Mosig, a technical director with significant expertise in exploration and development, as a Non-Executive Director. Additionally, an iron ore expert from global mining consulting firm CSA Global has joined the team. Alien Metals is also establishing an Advisory Board consisting of technical and mining industry experts to guide the company on strategic options for financing and/or developing its key assets.
The project and technical team will continue to focus on the Hancock Project, with the objective of unlocking its value and exploring potential joint venture partnerships. Guy Robertson, Executive Director, expressed the company's commitment to continuing the exploration of its projects while exploring and progressing negotiations with potential funding partners for the Hancock Project. The company also expressed gratitude to Alwyn Vorster for his contribution and ongoing support as a senior adviser.
For more information, you can read the full RNS on the London Stock Exchange website.