RE: RNS9 Aug 2023 17:28
pi shafting completed
9 august 2023
alien metals ltd
("alien metals", the "company" or the "group") (aim: ufo, fwb: i3a1)
proposed placing to raise up to £2 million
alien metals ltd (lse aim:ufo), a global minerals exploration and development company, announces its intention to raise gross proceeds of up to £2 million by means of a placing of new common shares to certain institutional and other investors at a price of 0.2 pence per share (the "placing" or the "fundraising").
the placing price represents a discount of approximately 16 per cent. to the closing price 0.28 pence per common share on 8 august 2023, being the latest practicable business day prior to the publication of this announcement.
the placing is to be conducted by way of an accelerated bookbuild process which will commence immediately following this announcement and will be subject to the terms and conditions set out in appendix ii to this announcement.
a further announcement confirming the closing of the bookbuild and the number of placing shares is to be issued pursuant to the placing is expected to be made in due course.
capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in appendix i of this announcement, unless the context requires otherwise.
trading update
the company is pleased to provide the following trading update.
· tenders for the material construction and operational packages continue to be reviewed and optimised. it is anticipated that the company will select preferred tenderers in the coming weeks,
· the company continues to negotiate offtake agreements for the company's han**** project with interested parties, (including anglo american as already announced) with indicative term sheets also received from other parties,
· assays of the recent resource definition drilling for the sirius mining pit continue to progress through the laboratory, results will be announced when received,
· the company continues to progress heritage partnership agreements across its iron ore projects at han****, vivash gorge and pinderi hills (incorporating elizabeth hill and munni munni),
· the company has progressed a review of the pinderi hills area and will shortly be in a position to provide an update on this review, which includes analysis of historical, unreleased results.
placing highlights
· the company intends to raise up to £2 million before expenses through the placing arranged by wh ireland limited ("wh ireland" or "the bookrunner") by way of the issue of up to 1,000,000,000 new common shares (the "placing shares") at the placing price.
· placing to be conducted via an accelerated bookbuild process launching today.
· the placing shares, assuming full take-up of the placing will represent approximately 16 per cent. of the enlarged issued share capital.
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