Alien Metals Ltd (AIM:UFO, OTC:ASLRF) has raised £4mln through a placing with institutional and other investors at a price of 0.85p per share.
The outcome was slightly more than the original target of £3.5mln.
The junior said it will utilise the new funds across several of its projects, notably Phase 3 infill and extensional drilling on the Hancock Iron Ore project along with permitting and infrastructure planning.
Elsewhere, the money will fund exploration around the Elizabeth Hill silver project, drilling in Mexico and early-stage work on regional tenements including Munni Munni North and resource drilling at the Brockman Iron Ore Project.
The placing will be conducted by way of an accelerated bookbuild with the price a discount of 21% to yesterday’s close.
Assuming full take up, the shares issued will represent around 10.7% of the enlarged share capital.