Alien Metals Ltd (LON:UFO), a global minerals exploration and development company, has announced that, further to its announcement of 5.12 p.m. (London time) yesterday, it has successfully completed and closed the Placing.
The Fundraise has raised, in aggregate, gross proceeds of £2 million through the placing of 1,000,000,000 new Common Shares to certain investors at a price of 0.2 pence per share. The Placing Price represents a discount of approximately 29 per cent. to the Closing Price of 0.28 pence per Common Share on 8 August 2023, being the latest practicable business day prior to the publication of yesterday’s announcement.
The net proceeds of the Fundraise will be applied towards:
· Funding UK and Australian salaries, overheads, corporate activities and working capital, until early 2024
· Funding exploration activities particularly around Native title negotiations and field heritage surveys at Hancock
· Funding exploration activities at Pinderi Hills, an area which includes Elizabeth Hill and Munni Munni
As part of the Placing and included above, the company will issue WH Ireland Limited with 39,930,144 new Common Shares in lieu of fees.
Director & PDMR Participation
A Director of Alien Metals and a PDMR participated in the Fundraise as follows:
· Alwyn Vorster, Non-Executive Chairman, participated in the Fundraise for, in aggregate, 12,500,000 new Common Shares at the Placing Price. The total Common Shares in the Company in which Alwyn Vorster is interested, immediately following Admission, will be 12,500,000 Common Shares representing approximately 0.2% of the Enlarged Issued Share Capital; and
· Troy Whittaker, CEO, participated in the Fundraise for, in aggregate, 12,500,000 new Common Shares at the Placing Price. The total Common Shares in the Company held by Troy Whittaker, immediately following Admission, will be is 31,309,524 Common Shares representing approximately 0.5% of the Enlarged Issued Share Capital.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 1,000,000,000 Common Shares to trading on AIM. It is expected that admission will become effective and dealings in the Common Shares will commence on AIM at 8.00 a.m. on 17 August 2023 (or such later date as may be agreed between the Company and the Bookrunner, but no later than 31 August 2023).
The Placing Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Common Shares.
Following Admission, the total number of Common Shares in the capital of the Company in issue will be 6,335,479,174 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company’s issued share capital pursuant to the Company’s Articles.
Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in Alien Metals’ announcement made at 5.12 p.m. on 9 August 2023, unless the context requires otherwise.