On Friday we spoke with Bill Brodie Good, Technical Director of Alien Metals after they announced that it has conditionally raised £1,250,000, before expenses, in a Placing and Subscription of 227,272,727 new ordinary shares of no-par value (“Placing Shares”) at a price of 0.55 pence per share (the “Issue Price”) (the “Placing”).
The proceeds from the Placing are earmarked for a range of exploration activities across the Company’s portfolio, with immediate programmes to commence both in Mexico and Western Australia, subject to any Covid-19 related restrictions.
· Proceeds of the Placing to be utilised for high-impact exploration in Mexico and Australia
– Initial and infill drilling to define strike and depth potential and grades of known mineralised veins at the Los Campos and San Celso Silver Projects in Mexico following finalisation of drill permit applications
– Preliminary Scoping study on the San Celso Silver project
– Development of exploration work on Elizabeth Hill Silver project post acquisition to include detailed geological mapping and trenching programme followed by initial drilling
– Next stage drilling on the Donovan 2 copper-gold project to develop resource potential
– Initial drilling on highest priority targets of the Iron Ore projects in Australia
· Funds will also be used to evaluate strategic opportunities and to conduct detailed reviews on prospective new projects
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:
“I am really pleased with the Placing result and ongoing strong support from Turner Pope Investments and its clients.
“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. With the strengthened silver price and strong demand outlook, the Company is well placed with a portfolio of high-grade projects that demand further exploration and development.
“We are eager to undertake a follow-up work programme at the Hamersley Iron Ore projects in the Pilbara region of Western Australia, which is planned to commence later this month.
“We will also continue to push for the award of drill permits in Mexico to pursue our maiden drilling programmes on both San Celso and Los Campos Silver projects.
“The Company looks forward to updating the market on a range of fronts in coming months.”
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