Alien Metals Limited, a global minerals exploration and development company, has announced the successful completion and closure of a Placing, raising gross proceeds of 0.6 million through the placing of 545,454,545 new Common Shares to certain investors at a price of 0.11 pence per share. The net proceeds of the Placing will be used to advance the Company's iron ore project, silver and precious metals project in Western Australia, and for general working capital purposes.
The Company is advancing initiatives and opportunities to provide capital to the Company and its key projects. However, assuming receipt of the net proceeds of the Placing in full, the Company may be required to raise further funds towards the end of the calendar year to continue to progress its activities in circumstances where these initiatives do not come to fruition or provide the necessary funding sufficient for the Group's planned operations.
Application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM, with admission expected to become effective and dealings in the Placing Shares commencing on AIM at 8.00 a.m. on 7 August 2024. Following Admission, the total number of Common Shares in the capital of the Company in issue will be 7,509,915,386 with voting rights.
For further information on the Company, please visit www.alienmetals.uk or contact the provided representatives.