RE: 100% Vivash Gorge Project20 Jun 2022 08:59
Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to update the market that it has completed the acquisition of 100% of the Vivash Gorge Iron Ore Project in the Pilbara region of Western Australia from ASX-listed Zenith Minerals Ltd (ASX:ZNC) (Zenith), having satisfied all conditions in the Binding Heads of Agreement (See announcement of 30th May 2022).
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented: "We are pleased to have completed the acquisition of the Vivash Gorge Iron Ore Project from Zenith Minerals. We thank the team at Zenith for their support in this process and look forward to getting on the ground in the coming quarter. We feel it's a great fit to our iron ore portfolio which adds further potential to the Company's growth in the high grade iron ore sector."
Vivash Gorge Project Location
The Vivash Gorge project (Exploration Licence E47/3071) is located approximately 80km west of the Tom Price Township in the southern section of the Brockman Syncline. Access to the area is via the Nanutarra-Wittenoom road, station tracks and purpose built exploration tracks (Figure 2).
Acquisition terms
Pursuant to the Heads of Agreement with Zenith, the Company has allotted 7,827,883 shares (Consideration Shares) to Zenith. Following Admission, the Consideration Shares will represent, in aggregate, approximately 0.16 per cent of the Company's enlarged issued share capital. The Consideration Shares will rank pari passu with existing Ordinary Shares in issue and application will be made to the London Stock Exchange for the 7,827,883 Consideration Shares to be admitted to trading on AIM. Admission of the Consideration Shares is expected to become effective at 8:00 am on or around 20 June 2022.
Following Admission, the Company will have 4,762,336,801 Ordinary Shares of no par value in issue. The Company has no shares in treasury, therefore the figure of 4,762,336,801 should be used by shareholders for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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