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(Alliance News) - Alien Metals Ltd on Tuesday said it has raised money to go towards exploration work in both Mexico and Australia.
Alien has placed 466.7 million new shares at a price of 0.15 pence each. Shares fell 26% on Tuesday afternoon in London to 0.16p each.
For each three shares, investors will also get one warrant, exercisable at 0.30p for two years from admission of the placing shares to trading in London.
In Mexico, London-headquartered Alien is finalising drill permit applications and is also lining up a geophysics survey at the Donovan 2 copper and gold targets.
Alien is currently carrying out a digital compilation of the Elizabeth Hill silver project in Australia, which will be following by updated resource modelling.
The placing was arranged by Turner Pope Investments Ltd, which has become the firm's joint broker. Novum Securities Ltd and First Equity Ltd already act as joint brokers.
"I am pleased with the placing result and welcome Turner Pope as the company's joint broker. The proceeds of this raising will facilitate the planned next stage exploration work in Mexico, including an IP survey at Donovan 2, an underground mapping and sampling program at the San Celso silver project, as well as ongoing data compilation work on the Elizabeth Hill Silver project in Australia ahead of a field program to be undertaken in the second quarter," said Alien Technical Director Bill Brodie Good.
"We believe with a relatively modest sum we can deliver high-impact exploration programs across our existing and proposed licences."
By George Collard; georgecollard@alliancenews.com
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