Today23 Feb 2022 16:45
ISSUE OF EQUITY
Alien Metals, a minerals exploration and development company, announces that it has issued 50,000,000 new ordinary shares of no par value in the capital of the Company at a deemed issue price of 0.11p per share ("New Ordinary Shares"). The New Ordinary Shares were issued under the terms of the Joint Venture Agreement relating to the Hamersley Project between Windfield Metals Pty Limited ("Windfield") and the Company ("the JVA") announced on 20 September 2019. Under the terms of the JVA, the Company agreed to issue certain securities to Windfield (or its nominee) as additional consideration for the acquisition of a 51% interest in the Hamersley Project from Windfield, including the issuance of 100,000,000 performance shares to be issued at a Deemed Issue Price of 0.11p per share in two equal tranches convertible on a 1-for-1 basis into ordinary shares of the Company upon achievement of the following performance hurdles:
- 10,000,000 tonne JORC inferred resource at greater than 54% Fe ("Hurdle 1"); and
- 20,000,000 JORC inferred resource at greater than 54% Fe ("Hurdle 2").
As a result of Hurdle 1 being achieved in September 2021, the Company subsequently received a request from Windfield for the issue of the 50,000,000 Performance Shares to which it is entitled.
The New Ordinary Shares will rank pari passu with the existing ordinary shares in issue and application will be made to the London Stock Exchange for 50,000,000 New Ordinary Shares to be admitted to trading on AIM. Admission of the New Ordinary Shares is expected to become effective at 08.00 on or around 25 February 2022.
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