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LONDON (Alliance News) - Shares in Alien Metals Ltd more than doubled after they were restored to trading on Wednesday as the firm appointed a replacement adviser and named a new chief executive.
Shares in the company were trading at 0.096 pence each in London. Prior to being suspended from trading on AIM at the end of January, the stock had been quoted at 0.045p.
Alien Metals shares were suspended after its previous nominated adviser Northland Capital Partners Ltd voluntarily agreed to relinquish its nomad status as a result of its proposed merger with SP Angel Corp Finance LLP.
The company now has appointed Beaumont Cornish Ltd as a replacement nomad, restoring its shares to trading.
Furthermore, Alien Metals said it appointed Peter Taylor to its board as chief executive officer and Dan Smith as non-executive director, both with immediate effect.
Taylor has over 25 years of experience leading mining operations, Alien Metals said. During his career he served as chief operating officer of formerly AIM-listed African Aura Mining Inc.
Smith has over 10 years' capital markets experience, working in various roles, Alien Metals said. Smith is currently non-executive director of AIM-traded Europa Metals Ltd, a European-focused zinc-lead exploration company.
Alien Metals also said it issued a GBP500,000 convertible loan note of which it has drawn down GBP200,000 immediately, to fund its 2019 work programme as and for general working capital needs.
The facility has a term of one year and can be drawn down at the discretion of the company in tranches of GBP50,000. The loan will attract interest at 10% per year, Alien Metals explained.
