Alien Metals Ltd - Australia and Mexico focused minerals explorer - Raises GBP2.5 million before expenses in a placing of 227 million new ordinary shares at a price of 1.1 pence per share. The oversubscribed placing was arranged by Turner Pope Investments Ltd and was undertaken with a mix of new and existing professional and institutional investors.
Alien now has more than GBP4.3 million in cash, which is available for exploration work. The proceeds from the placing can fund Alien Metal's exploration work in Mexico during 2021, where it plans to in-fill drill at silver mines Los Campos and San Celso, and in Australia, where development of exploration work on Elizabeth Hull high-grade silver project can take place. Funds can also be used to evaluate new strategic opportunities, the company notes.
Current stock price: 1.37 pence, giving GBP49 million market capitalisation
Year-to-date change: up significantly from 0.21 pence on December 31.
By Zoe Wickens; zoewickens@alliancenews.com
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