Business
Alien acquires 90% in Hamersley Iron Ore Projects
Alien acquires 90% in Hamersley Iron Ore Projects.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n Trading Symbols\n \n AIM: UFO FWB: I3A1\n \n \n \n \n \n \n \n \n 20 December 2022\n \n \n \n \n \n \n \n \n \n \n Alien Metals Ltd\n \n \n (\"Alien Metals\" or \"the Company\")\n \n \n \n \n \n Alien completes acquisition of 90% interest in Hamersley Iron Ore Projects\n \n \n \n \n \n \n Alien Metals Ltd (LSE AIM:UFO) an iron ore pre-production company with additional precious and Platinum Group Metals projects is delighted to announce, further to the RNS dated 02 November 2022 whereby the Company exercised its option with Windfield Metals Pty Limited (\"Windfield\") (the \"Option\") to acquire an additional 39% interest in the Hancock and Brockman projects (\"the Projects\"), that the transaction has now closed with Alien now the legal and beneficial owner of a 90% direct interest in the licences associated with the Projects.\n \n Rod McIllree, Executive Chairman of Alien Metals, commented:\n \n \"As we continue working towards production at Hancock in 2023 moving to 90% is a logical next step in the project evolution and cements our position in the Pilbara as an emerging potential producer of high grade-high purity, direct shipping, iron ore.\n \n \n \n \n \n \n \n \n \"Alien, together with its 100% owned subsidiary IOCA, remain focused on our 2023 production goal. We would like to thank Windfield for the seamless transaction and welcome them as a long-term shareholder as we continue to build what I believe will be one of Australia's next DSO iron mining operations and add value for all stakeholders including the Karlka Nyiyaparli Aboriginal traditional owners. We look forward to sharing more exciting updates as the project advances through permitting and on to the start of mining.\"\n \n \n \n \n \n \n Further information\n \n \n \n \n Completion of the acquisition of the 39% interest was subject to the satisfaction of the following conditions:\n \n \n · £60,000 payment in cash;\n \n · 260,000,000 Alien Common Shares; and\n \n · 100,000,000 Share Purchase Warrants, exercisable at 1 penny on or before 31 December 2025.\n \n As part of the transaction Alien will transfer its interest in the Projects to its 100% owned Australian subsidiary Iron Ore Company of Australia Pty Limited who will become 90% owner and manager.\n \n &nb...