Alien Metals Ltd - London-based minerals exploration and development company with five projects in Western Australia - Announces intention to raise gross proceeds of up to £2 million by means of a placing of new common shares, at a price of 0.2 pence each. The placing price represents a discount of 16% to the closing price of 0.28p per common share on August 8. The placing will be conducted by way of an accelerated bookbuild.

Alien Metals also says that tenders for material construction and operational packages continue to be reviewed and optimised, and adds that it expects to select preferred tenderers in the coming weeks. It has continued to negotiate offtake agreements for the Hancock project with interested parties, and has also progressed Heritage Partnership Agreements across its Iron Ore projects at Hancock, Vivash Gorge and Pinderi Hills.

Current stock price: 0.23 pence

12-month change: down 60%

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