LONDON (Alliance News) - Exploration company Alien Metals Ltd said Tuesday that it has raised GBP300,000 via a share placing to advance exploration activities at the Donovan 2 sulphide project located in Mexico.
The company has placed 200 million common shares at 0.15 pence each.
Shares in the company were trading 20% lower at 0.18 pence each on Tuesday afternoon.
"This modest round of strategic funding underwrites our ability to scout drill the Volcanogenic Massive Sulphide at Donovan 2 should the results of the gravity survey offer a justified business case. We are in the process of collating additional assays, structural data from underground exploration and interpreting results of the gravity survey. Subject to this, we remain on track to commence drilling in Q2 2019," Alien Metals Chief Executive Peter Taylor said.
Following admission of the placing shares, the company will have 1.12 billion shares in issue.
Alien Metals (UFO)