TIDMUFO
RNS Number : 0904E
Alien Metals Limited
25 February 2020
Trading Symbols
AIM: UFO
FWB: I3A1
25 February 2020
Alien Metals Ltd
("Alien Metals" or "the Company")
Placing and Subscription to raise GBP700,000
Appointment of Joint Broker
Alien Metals Ltd ("Alien Metals" or "the Company"), a minerals
exploration and development company, is pleased to announce that it
has conditionally raised GBP700,000, before expenses, in a Placing
and Subscription of 466,666,666 new ordinary shares ("Placing
Shares") at a price of 0.15 pence per share (the "Placing"). One
warrant is to be issued with every three Placing Shares,
exercisable at 0.30 pence for a period of two years from Admission
of the Placing Shares (the "Placing Warrants").
Additionally, Alien Metals' Technical Director, Bill Brodie
Good, has just completed a site visit to Australia, where - as
previously announced - the Company is in the final stages of
executing two licence interest acquisitions.
Highlights:
-- GBP700,000, before expenses, raised through a Placing of new ordinary shares of no par value
-- Proceeds of the Placing to be utilised for high-impact exploration in Mexico and Australia:
o Mexico: following finalisation of drill permit applications,
commencing activities to understand strike and depth potential of
known mineralised veins
o Geophysics survey of Donovan 2 gold and copper targets
o Australia: digital compilation of the Elizabeth Hill silver
project followed by updated resource modelling
-- Alien Metals' Technical Director Bill Brodie Good just
returned from Australia for a field visit in preparation for
exploration activities
-- Turner Pope Investments (TPI) Limited appointed as Joint Broker
THE PLACING
The Company is pleased to announce that it has conditionally
raised GBP700,000 (before expenses), through a Placing and
Subscription of 466,666,666 new ordinary shares of no par value
each in the capital of the Company (the "Placing Shares") at an
issue price of 0.15 pence per share (the "Issue Price") (the
"Placing"). One warrant is to be issued with every three Placing
Shares, exercisable at 0.30 pence for a period of two years from
Admission of the Placing Shares (the "Placing Warrants").
The Placing was arranged by Turner Pope Investments (TPI)
Limited ("Turner Pope") and Novum Securities Limited ("Novum") and
undertaken with a combination of certain new and existing
investors.
The Placing Price represents a discount of approximately 30.2
per cent to the closing mid-market price of 0.215p on 24 February
2020, and a discount of approximately 28.3 per cent. to the 30-day
VWAP of 0.20924p up to 24 February 2020, being the latest
practicable date before this Announcement.
The Placing is conditional on Admission of the Placing Shares to
trading on AIM and, following Admission, the Placing Shares will
represent, in aggregate, approximately 25.66 per cent of the
Company's enlarged issued share capital. The Placing Shares will
rank pari passu with existing Ordinary Shares in issue and
application will be made to the London Stock Exchange for the
466,666,666 Placing Shares to be admitted to trading on AIM.
Admission of the Placing Shares is expected to become effective at
8:00 am on or around 10(th) March 2020.
Following Admission, the Company will have 1,818,389,940
Ordinary Shares of no par value in issue. The Company has no shares
in treasury, therefore the figure of 1,818,389,940 should be used
by shareholders for the calculations by which they will determine
if they are required to notify their interest in, or a change of
their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Commenting today, Bill Brodie Good, Technical Director of Alien
Metals, said:
"I am pleased with the placing result and welcome Turner Pope as
the Company's Joint-Broker. The proceeds of this raising will
facilitate the planned next stage exploration work in Mexico,
including an IP survey at Donovan 2, an underground mapping and
sampling program at the San Celso silver project, as well as
ongoing data compilation work on the Elizabeth Hill Silver project
in Australia ahead of a field program to be undertaken in the
second quarter. We believe that with a relatively modest sum, we
can deliver high-impact exploration programs across our existing
and proposed licences."
USE OF PROCEEDS FOR WORK PROGRAMME
The net proceeds secured from the Placing will be utilised
towards exploration and development of the Company's assets and
working capital, including the following activities:
Mexico: The finalisation of drill permitting application, and an
underground mapping and sampling program at San Celso. Based on
positive results from the mapping and sampling program, the Company
will look to undertake a first pass drill program with the aim of
understanding the strike and depth potential of the known
mineralised veins.
Australia: A full digital data compilation of the Elizabeth Hill
silver project to complete updated resource modelling and design
future work programs off the back of a reconnaissance site
visit.
APPOINTMENT OF JOINT BROKER
The Company announces that Turner Pope Investments (TPI) Limited
has been appointed as a Joint Broker with immediate effect.
Broker Warrants
In addition, each of Turner Pope and Novum have been issued with
20,000,000 warrants to subscribe for new Ordinary Shares at the
Issue Price, exercisable for a period of three years from
Admission.
For further information please visit the Company's website at
www.alienmetals.uk , or contact:
Alien Metals Limited First Equity Limited (Joint -
Bill Brodie Good, Technical Broker)
Director Jason Robertson
St-James' Corporate Services, Tel +44 (0)20 7374 2212
Company Secretary
Tel: +44 20 7796 8644
Beaumont Cornish Limited (Nomad) Novum Securities Limited (Joint
James Biddle/ Roland Cornish - Broker)
www.beaumontcornish.com Jon Belliss
Tel: +44 (0) 207 628 3396 Tel +44 (0)20 7399 9425
Blytheweigh (Financial PR) Turner Pope Investments (TPI)
Megan Ray/Rachael Brooks Limited (Joint - Broker)
Tel: +44 (0) 207 138 3204 Andy Thacker/ Zoe Alexander
Tel +44 (0)20 3657 0050
Notes to Editors
Alien Metals Ltd is a mining exploration and development company
listed on AIM, a market operated by the London Stock Exchange (LSE:
UFO). The Company's focus is on precious and base metal
commodities.
Alien Metals has embarked upon an acquisition-led strategy
headed by a high-quality geological team to build a strong
portfolio of diversified assets, including two recently announced
proposed acquisitions. These include the Brockman and Hancock
Ranges high grade (Direct Shipping Ore) iron ore projects and the
Elizabeth Hill Silver Mine project both located in the Pilbara
region, Western Australia.
In addition to progressing its acquisition-led strategy and
following its strategic review of its portfolio of silver and
precious metals projects in Mexico, Alien Metals has identified
priority exploration targets within its 12 mining concessions which
it is working to advance systematically. The Company's silver
projects are located in Zacatecas State, Mexico's largest silver
producing state which produced over 190m oz of silver in 2018 alone
accounting for 45% of the total silver production of Mexico for
that year.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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