Alien Metals Limited has successfully raised gross proceeds of 630,000 through a placing of new common shares, with the net proceeds to be used primarily for advancing the company's iron ore project, silver, and precious metals project in Western Australia. The Placing Shares equate to approximately 6.7% of the Company's issued share capital as enlarged by the Placing. CMC Markets UK Plc has been appointed as joint broker to the Company, following its role as the sole placing agent in the Placing.
The company is actively progressing the Hancock Iron Ore Project, focusing on obtaining all necessary mining approvals, advancing engineering and transport logistics, and planning further in-country heritage surveys. Additionally, strategic project funding options, including joint venture and debt funding, are being actively pursued.
In the Pinderi Hills project, field work has commenced, including soil sampling and geochemical surveys, with further exploration work underway to target larger silver ore bodies at depth and along strike from the known silver deposit/mine zone at Elizabeth Hill. Updates on the exploration and field work at Pinderi Hills and Elizabeth Hill will be announced as appropriate.
Guy Robertson, Chairman of Alien Metals, expressed excitement about the company's progress, particularly with the new project team in place, and emphasized the encouraging iron ore price and the success of other iron ore junior companies in Western Australia. The company looks forward to actively progressing financing discussions on the Hancock Project and driving forward exploration work across its portfolio.