RNS12 May 2026 07:06
Munni Munni JV Partner GreenTech Announces A$7.5 Million Placement
https://www.londonstockexchange.com/news-article/UFO/munni-munni-jv-partner-greentech-a-7-5m-placement/17586992
Highlights
· GreenTech, Alien's JV partner at Munni Munni Project (Alien holds a 30% interest), has announced an agreement to raise A$7.5 million from institutional and sophisticated investors to, inter alia, advance exploration at Munni Munni following positive recent assay results.
· This capital raise brings the total Project fundraising by GreenTech to over A$12.0 million in the past six months, significantly increasing the financial capacity for exploration and technical programmes at the significant Munni Munni Australian critical metals project.
· As part of the capital raising, Alien has sold a proportion of its holding in GreenTech to institutions, raising cash proceeds of approximately A$700,000 (before costs) through the sale of nine million GRE shares at a price of A$0.075 per GreenTech share. The net proceeds of the sale of the shares will augment the Company's existing cash resources and be applied to the progression of its assets, while maintaining a material exposure to the Project.
· The capital raise by GreenTech will be completed in two tranches with approximately 50% to be issued under Tranche 1 using GreenTech's existing placement capacity and the remaining 50% to be issued under Tranche 2 subject to shareholder approval.
· Following completion of the capital raise, Alien will hold 37.9 million shares in GreenTech, representing approximately 10% of GRE's issued share capital, following allotment of the Tranche 2 Shares.
The fundraise is seen by Alien's directors as a strong validation of the Munni Munni Project and demonstrates the JV partner's ability to attract capital for systematic exploration. GreenTech's exploration programme is led by a highly experienced technical team, including Dr Kevin Frost, who was part of the discovery team at Chalice Mining's (ASX: CHN) world class PGM-base metals Julimar Project, also in Western Australia.