Shares in Alien Metals fell 16.7p to 0.1p after a placing was completed to raise £1.8 million gross and said it expects to receive a further A$500,000 cash when it completes the recently announced Munni Munni joint venture.
The placing was completed at an issue price of 0.09p.
Alongside the placing, Bennelong Resource Capital also agreed that £250,000 of the convertible notes it holds would be converted at the placing price, with the repayment date of the balance of the funding facility to be extended from 31 December 2025 to 30 June 2026.
The company also appointed Michael Carter as a new independent non-executive director, bringing experience in senior advisory roles at CPS Capital and Indian Ocean Capital, and directorships across several ASX-listed companies.
Executive director Belinda Murray said the placing was "supported by investors who we believe recognise the strength of Alien's diversified portfolio spanning silver, platinum group metals, copper, nickel and iron ore".
"I am confident that our strategy of advancing and strengthening our asset portfolio, including through strategic joint ventures, continues to resonate, enabling value-adding work to be advanced by partners."
She said the further A$500,000 from the Munni Munni venture "will further support the cash position of the company and will enable the company to further pay down the balance of the funding facility outstanding whilst being able to commit expenditures to advance the company's iron ore projects.
"The board views the reduction of this facility as an important step towards strengthening the Company's balance sheet and ultimately moving Alien towards a debt-free position."
She highlighted Carter's experience in junior mining, "including board-level exposure to transactions such as strategic asset sales, will add meaningful depth to our governance and growth planning".