Business
Funding Facility, Board Appointment & Update
Funding Facility, Board Appointment & Update.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n\n\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTrading Symbols\nAIM: UFO\nFWB: I3A1\n\n\n15 March 2024\nAlien Metals Ltd\n(\"Alien Metals\" or \"the Company\")\n \nFunding Facility of up to A$2 million\n Board Appointment and Project Update\n \nAlien Metals (AIM: UFO), a company focused on the exploration and development of the Hancock iron ore Project (\"Hancock Project\") and the Pinderi Hills project in Western Australia, advises that it has entered a short-term funding facility on terms outlined below and continues to progress project development across its diversified resource portfolio.\n \nOverview\n• A funding package of up to A$2m has been made available through a convertible loan note (the \"Facility\" or the \"Note\") as detailed below.\n \n• The Facility will meet short-term capital requirements and contribute towards exploration and the ongoing review of strategic funding options to maximise value for the Company's shareholders and stakeholders, including:\no Considering various longer-term financing options, including continued discussions with strategic partners regarding offtake funding, debt, and equity project funding in connection with the Hancock Project and the Pinderi Hills PGM, silver and base metals project; and\no Actively exploring the potential for the sale or joint venture of non-core assets providing further funding for the Company.\n \n• Appointment of Technical Director, Mr. Rob Mosig, to the Board as a Non-Executive Director, who brings significant expertise in exploration, development, and strategic partnering, whilst having direct experience on the Company's PGM and base metals project in the West Pilbara. Following Rob's appointment, Mr. Alwyn Vorster has stepped down from the Board ...