Business
Raise of £2.5 million for Exploration Activities
Raise of £2.5 million for Exploration Activities.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 0942G\n Alien Metals Limited\n 23 November 2020\n \n \n \n \n \n \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 23 November 2020\n \n \n \n \n \n \n Alien Metals Ltd \n \n \n \n \n (\"Alien Metals\", \"Alien\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ALIEN RAISES £2.5 MILLION TO ACCELERATE EXPLORATION ACTIVITIES IN MEXICO AND AUSTRALIA\n \n \n \n \n \n \n Alien Metals Ltd (\"Alien Metals\", \"Alien\" or \"the Company\"), a minerals exploration and development company, is pleased to announce that it has conditionally raised £2,500,000, before expenses, in a Placing of 227,272,727 new ordinary shares (\"Placing Shares\") at a price of 1.1 pence per share (the \"Placing\"). The Placing, which was oversubscribed, was undertaken at a 100% premium to the Company's most recent fund raise which included a mixture of \n new and existing Professional and Institutional investors\n .\n \n \n \n \n \n The proceeds from the Placing augment the Company's strong cash balance and will be used to extend and accelerate a range of exploration activities across the Company's portfolio, with immediate programs to be expanded in both Mexico and Western Australia.\n \n Based on current budgets and in the absence of exceptional circumstances, the Board believes that the Company's existing work programs are now fully funded through to end-2021.\n \n \n \n \n \n \n \n \n Highlights:\n \n \n · \n \n £2,500,000, 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 - Initial and in-fill drilling to define strike and depth potential and grades of known mineralised veins at Los Campos and San Celso Silver Projects in Mexico following finalisation of drill permit applications \n \n \n - Preliminary Scoping study on the San Celso and Los Campos Silver Projects\n \n \n - Development of exploration work on Elizabeth Hill High-Grade Silver project to include detailed geological mapping and trenching program, initial drilling and potential re-entering of the historic mine\n \n \n - Initial...