Alien Metals raises £1.25m to fund Mexican and Australian programmes

4 September 2020

Minerals exploration and development company Alien Metals said on Friday that it had conditionally raised £1.25m as part of a placing and subscription of 227.27m ordinary shares.

Alien Metals launched the placing at an average price of 0.55p per share, representing a discount of approximately 36% to the stock’s closing mid-market price on 3 September.

The AIM-listed firm stated cash raised from the placing would be used for a range of exploration activities across its portfolio – with immediate programmes to commence both in Mexico and Western Australia.

Chief executive Bill Brodie Good said: “The proceeds of this placing will be utilised to fast-track activities at the high-grade Elizabeth Hill silver project, through a mixture of surface sampling and trenching programmes initially.

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