Alien Metals Ltd (LON:UFO) is to raise £1.25mln by issuing shares at 0.55p each from a share placing and subscription with the proceeds earmarked for a range of exploration activities across the company's portfolio in Mexico and Western Australia.
Bill Brodie Good, the group's new chief executive officer and technical director of Alien Metals, said the funds would, specifically, be used to fast-track activities at the high-grade Elizabeth Hill silver project, through a mixture of surface sampling and trenching programmes.
“With the strengthened silver price and strong demand outlook, the company is well placed with a portfolio of high-grade projects that demand further exploration and development,” he added in a statement.
"We are eager to undertake a follow-up work programme at the Hamersley Iron Ore projects in the Pilbara region of Western Australia, which is planned to commence later this month. We will also continue to push for the award of drill permits in Mexico to pursue our maiden drilling programmes on both San Celso and Los Campos Silver projects,” Brodie Good continued.
The company said immediate programmes will commence both in Mexico and Western Australia, subject to any coronavirus-related restrictions.
Shares in Alien Metals, which closed at 0.9p last night, have more than doubled in price this month.