Alien Metals Ltd (LSE AIM:UFO) an iron ore pre-production company with additional precious and Platinum Group Metals projects is delighted to announce, further to the RNS dated 02 November 2022.
Whereby the Company exercised its option with Windfield Metals Pty Limited (“Windfield”) (the “Option”) to acquire an additional 39% interest in the Hancock and Brockman projects (“the Projects”), that the transaction has now closed with Alien now the legal and beneficial owner of a 90% direct interest in the licences associated with the Projects.
Rod McIllree, Executive Chairman of Alien Metals, commented:
“As we continue working towards production at Hancock in 2023 moving to 90% is a logical next step in the project evolution and cements our position in the Pilbara as an emerging potential producer of high grade-high purity, direct shipping, iron ore.
“Alien, together with its 100% owned subsidiary IOCA, remain focused on our 2023 production goal. We would like to thank Windfield for the seamless transaction and welcome them as a long-term shareholder as we continue to build what I believe will be one of Australia’s next DSO iron mining operations and add value for all stakeholders including the Karlka Nyiyaparli Aboriginal traditional owners. We look forward to sharing more exciting updates as the project advances through permitting and on to the start of mining.”
Further information
Completion of the acquisition of the 39% interest was subject to the satisfaction of the following conditions:
· £60,000 payment in cash;
· 260,000,000 Alien Common Shares; and
· 100,000,000 Share Purchase Warrants, exercisable at 1 penny on or before 31 December 2025.
As part of the transaction Alien will transfer its interest in the Projects to its 100% owned Australian subsidiary Iron Ore Company of Australia Pty Limited who will become 90% owner and manager.
Accordingly, the Company has now issued Windfield with 260,000,000 Common Shares at a price of 0.45 pence each (the “Windfield Shares”), representing 4.88% of the enlarged share capital, along with the warrants as detailed above. Following this issue, Windfield will hold a total of 376,666,666 Common Shares, representing 7.07% of the enlarged share capital.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 260,000,000 Common Shares to trading on AIM. It is expected that admission will become effective and dealings in the Commons Shares commence on AIM at 8.00 a.m. on 23 December 2022.
The Windfield Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares.
Following Admission, the total number of Common Shares in the capital of the Company in issue will be 5,324,836,801 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company’s share capital pursuant to the Company’s Articles.
For further information please visit the Company’s website at www.alienmetals.uk
