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.
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