Alien Metals Limited Notice to cancel Tranche 2 Funding (6957J)
18 Agosto 2023 - 1:00AM
UK Regulatory
TIDMUFO
RNS Number : 6957J
Alien Metals Limited
18 August 2023
Trading Symbols
AIM: UFO
FWB: I3A1
18 August 2023
Alien Metals Ltd
("Alien" or "the Company")
Alien issues notice to cancel Tranche 2 Funding from short term
lending agreement
Alien Metals Ltd (AIM: UFO), a minerals exploration and
development company, is pleased to announce that following the
successful raising and placing of GBP 2 million, it has issued
notice to the Lender ("Bennelong Limited") of its short-term
funding facility (AIM: 3 July 2023) that it will not be drawing on
the Tranche 2 (US$500,000) of the Convertible Securities.
Accordingly, the Lender holds in total US$500,000 of Convertible
Securities in respect of Tranche 1 along with 10,000,000 Warrants
(the terms of which are outlined in the RNS of 3 July 2023).
Troy Whittaker, Chief Executive Officer commented :
"We are pleased to announce that The Company will not be drawing
on the Tranche 2 funding to help with the Company's medium-term
financing projects. The Company successfully raised GBP2 million
through a placing announced to the markets last week to help
advance the Hancock Project and unlock the value contained within
Pinderi Hills.
"We would like to thank all shareholders, both existing and new
who participated in the placing. With their support, we were able
to provide the withdrawal notice to the Lender. We have a strong
and loyal relationship with Bennelong Limited, a major shareholder
and a strong advocate in the story of Alien.
"With the implementation of the new Board and executive changes
announced earlier this month, we are striving to deliver on our
promises, and this is the first step in that journey."
For further information please visit the Company's website at
www.alienmetals.uk , or contact:
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish Tel: +44 (0) 207 628 3396
WH Ireland Ltd
Harry Ansell / Katy Mitchell Tel +44 (0) 207 220 1666
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren Tel: +44 (0) 20 7138
3204
Notes to Editors:
Alien Metals Ltd is a mining exploration and development Company
listed on the AIM market of the London Stock Exchange (LSE: UFO).
The Company's focus is on delivering a profitable, long life direct
shipping iron ore operation based out of the Pilbara in Western
Australia. In 2019, the Company acquired 51% of the Brockman and
Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects
and in December 2022 moved to 90% legal and beneficial ownership.
The Company also acquired 100% of the Vivash Gorge Iron Ore project
in the west Pilbara in July 2022.
The Company acquired 100% of the Elizabeth Hill Silver Project,
which consists of the Elizabeth Hill Historic Mining Lease and the
115km(2) exploration tenement around the mine.
In March 2022 the Company acquired 100% of the former joint
venture interest in the Munni Munni Platinum Group Metals and Gold
Project in the West Pilbara, Western Australia, one of Australia's
major underexplored PGE and base metals projects. Munni Munni holds
a historic deposit containing 2.2Moz 4E PGM: Palladium, Platinum,
Gold, Rhodium.
In May 2023, the Company acquired 100% of Mallina Exploration
Pty Ltd and with it, the Western Hancock Tenement. The new tenement
adjoins the Company's existing Hancock tenement, giving the entire
Hancock project direct access to the Great Northern Highway.
The Company also holds silver, copper and base metal projects in
various locations around the world however is currently looking at
the best way to divest these for the benefit of shareholders.
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