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Alien Metals Ltd on Thursday reported that it has successfully raised £1.5 million in a placing to fund drilling at its projects.
Shares in the London-based minerals exploration and development company closed 13% lower at 0.56 pence each in London on Thursday.
Alien placed 300 million new shares at 0.5 pence per share, a 23% discount to its closing price on Wednesday.
The proceeds of the fundraise will go towards accelerating drilling projects at the Brockman iron ore project and at Munni Munni, both of which are in Australia.
The funds will also be used to progress new drilling at Sirius extension target at the Hancock iron ore project, also in Australia, and to progress a geochemical programme for the Munni Munni project area.
Roderick McIllree, a director and chair, participated in the fundraise for 50,000,000 new common shares, representing 1% of the issued share capital of the company following the fundraise.
Chief Executive Officer Bill Brodie Good participated for 2,000,000 new shares representing 0.1% of the issued share capital of the company.
Alien said that application will be made to the London Stock Exchange for admission of the 300,000,000 common shares to trading on AIM. It is expected that admission will become effective and dealings in the commons shares commence on AIM on September 16. Following admission of the shares, Alien's total share capital will amount to 5.06 billion shares.
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