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(Alliance News) - Alien Metals Ltd on Monday said it has raised GBP275,000 through the issue of 343.8 million shares a 0.08 pence each.
The placing price represents an 11% discount to last Thursday's closing price of 0.09p. Shares in the exploration and development firm were trading 11% lower at 0.080p each on Monday afternoon in London, giving it a market capitalisation of GBP1.8 million.
Alien Metals said it has also issued 3.3 million shares at 0.15p each in part consideration for services provided that were invoiced in March 2020.
The new cash will be used to finalise drill permitting applications and conduct underground mapping and sampling programs at the San Celso and Los Campos silver projects in Mexico, and will be used to complete the Elizabeth Hill transaction, finalise the compilation of the digital data, update resource modelling and design future work programs for the prospective silver project in Western Australia.
Additionally, the funds will allow the company to examine strategic investment opportunities in the precious metals sector, Alien Metals stated.
"We believe that with careful budgeting, we can deliver high-impact exploration programs across our existing and proposed licences as soon as safe field work becomes possible both in Mexico and Australia. This placing will also allow us to actively review strategic opportunities that present themselves during the current environment," said Bill Good, technical director of Alien Metals.
Following admission of the new shares, Alien Metals's share capital will comprise 2.37 billion shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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