Alien Metals Ltd (LON:UFO) has raised £2.5mln via an oversubscribed placing of shares at 1.1p per share.
The group said the money raised will be used to extend and accelerate a range of exploration activities across the company's portfolio, with immediate programs to be expanded in both Mexico and Western Australia.
Based on current budgets and in the absence of exceptional circumstances the company's existing work programs are now fully funded through to end-2021.
These programmes included drilling at Los Campos and San Celso, to be followed by economic studies, as well as exploration work at Elizabeth Hill and Hammersley.
Following the placing, Alien has cash of over £4.3mln.
