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TPI provides its latest research note on Alien Metals Limited (UFO.L).

Alien has announced oversubscribed equity Placing through which it has conditionally raised £2.5m (gross) at a price of 1.1 pence per share (‘the Placing’).

Reflecting rising confidence following the recent run of positive development news flow, including the announcement of an earn-in agreement on its Donovan 2 Copper-Gold project, encouraging soil sampling from a region surrounding its Elizabeth Hill Silver Project, the awarding of a new licence adjacent to the major Citronen Zinc-Lead mine in Greenland and identification of drilling targets at the Hamersley Iron Ore Projects, the Placing was completed at twice both the size and price of the Group’s previous raise on 4 September 2020.

The proposed use of the new funds plus existing resources will, upon completion, leave Alien well capitalised with over £4.4m cash available to be utilised for exploration and working capital purposes, along with the opportunity to evaluate further strategic targets within its existing licences areas and/or conduct detailed reviews of potential new acquisitions.

On this basis, shareholders might anticipate the pace of announcements emerging from its portfolio of potentially world-class prospects will remain high throughout 2021. Admission of the new shares is expected on or around 30 November 2020.

Launch Presentation

We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular, you should note that the research document is non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Alien Metals Limited. Accordingly, the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.


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