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(Alliance News) - Alien Metals Ltd on Friday announced a funding package worth up to AUD2.0 million through a convertible loan note.
The London-based minerals exploration and development company has a focus on projects in Western Australia. The note will raise funds, provided by Bennelong Resource Capital Pty Ltd, to meet short-term capital requirements over the next twelve months.
Looking forward, the company is considering a range of long-term financing options as part of an ongoing review of strategic funding to maximise shareholder value.
The company's stated options include: offtake funding, debt, and equity project funding in connection with its Hancock iron ore and Pinderi Hills silver and base metals projects. Alien is also exploring a potential sale or joint venture of non-core assets as an alternative option.
Executive Director Guy Robertson said: "The funding announced today will provide additional capital to the company to continue the exploration of our projects, while we explore and progress negotiations with various potential funding partners for the Hancock Project."
The Hancock project has made progress in recent months following the execution of a mining agreement with Karlka Nyiyaparli Aboriginal Corporation, which will pave the way for future mining approvals, Alien said.
In other news, a number of changes will be made to the company's board with the appointment of Technical Director Rob Mosig as a non-executive director. He replaces Alwyn Vorster who is stepping down to pursue other interests, and Mosig is expected to bring "significant expertise in exploration, development, and strategic partnering."
As a result of the changes, Robertson will resume his position as executive chairman on an interim basis and Non-Executive Director Elizabeth Henson will assume the role of senior independent non-executive director.
Shares in Alien Metals closed down 12% at 0.12 pence each in London on Friday.
By Elijah Dale, Alliance News reporter
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