Business
Alien to raise £275,000 to expedite exploration
Alien to raise £275,000 to expedite exploration.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n RNS Number : 5132M\n Alien Metals Limited\n 11 May 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trading Symbols\n \n \n AIM: UFO\n \n \n FWB: I3A1\n \n \n 11 May 2020\n \n \n \n \n \n \n Alien Metals Ltd \n \n \n \n \n (\"Alien Metals\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Alien to raise £275,000 to expedite precious metals exploration\n \n \n \n \n \n \n Alien Metals Ltd (\"Alien Metals\" or \"the Company\"), a minerals exploration and development company, is pleased to announce that it has conditionally raised £275,000, before expenses, in a Placing and Subscription of 343,750,000 new ordinary shares (\"Placing Shares\") at a price of 0.08 pence per share (the \"Placing\"). One warrant is to be issued with every two Placing Shares, exercisable at 0.15 pence for a period of three years from Admission of the Placing Shares (the \"Placing Warrants\").\n \n \n \n \n \n In addition, the Company has allotted 3,333,333 new ordinary shares of no par value in the capital of the Company at a price of 0.15 pence per share (\"New Ordinary Shares\") in part consideration for services provided that were invoiced in March 2020.\n \n \n \n \n \n The proceeds from the Placing, coupled with funds raised earlier this year, will help drive exploration activities in Mexico and Western Australia and will allow the Company to examine strategic opportunities being presented to the Company in the current market.\n \n \n \n \n \n \n \n \n Highlights:\n \n \n · \n \n £275,000, before expenses, raised through a Placing of new ordinary shares of no-par value\n \n \n \n · \n \n Proceeds of the Placing to be utilised for high-impact exploration in Mexico and Australia\n \n \n \n o \n \n Initial scout drilling to define strike and depth potential and grades of known mineralised veins at Los Campos, following finalisation of drill permit applications \n \n \n \n o \n \n Underground sampling at the San Celso silver project to confirm high-grade zones to aid final drill planning\n \n \n \n o \n \n Completion of Elizabeth Hill acquisition ahead of detailed geological mapping and trenching program\n \n \n \n o \n \n Commission independent interpretation of all data from the Donovan 2 copper gold project to finalise pr...