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(Alliance News) - Alien Metals Ltd said Friday it has raised GBP1.3 million to pay for its exploration activities across its portfolio, with immediate programmes to commence both in Mexico and Western Australia.
Alien placed 227.3 million shares at 0.55 pence each. Shares in the minerals exploration and development company were down 8.9% in London on Friday at 0.82p each.
Following admission, Alien will have 2.63 billion shares in issue.
Chief Executive Bill Brodie Good said: "I am really pleased with the Placing result and ongoing strong support from Turner Pope Investments and its clients. The proceeds of this placing will be utilised to fast-track activities at the high-grade Elizabeth Hill silver project, through a mixture of surface sampling and trenching programmes initially. With the strengthened silver price and strong demand outlook, the company is well placed with a portfolio of high-grade projects that demand further exploration and development."
The drilling is expected to begin in the coming months.
"We are eager to undertake a follow-up work programme at the Hamersley iron ore projects in the Pilbara region of Western Australia, which is planned to commence later this month," Good continued.
He added: "We will also continue to push for the award of drill permits in Mexico to pursue our maiden drilling programmes on both San Celso and Los Campos Silver projects."
By Paul McGowan; paulmcgowan@alliancenews.com
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