Alien Metals raises £1.25m to fund Mexican and Australian programmes

Minerals exploration and development company Alien Metals said on Friday that it had conditionally raised £1.25m as part of a placing and subscription of 227.27m ordinary shares.

Alien Metals launched the placing at an average price of 0.55p per share, representing a discount of approximately 36% to the stock's closing mid-market price on 3 September.

The AIM-listed firm stated cash raised from the placing would be used for a range of exploration activities across its portfolio - with immediate programmes to commence both in Mexico and Western Australia.

Chief executive Bill Brodie Good said: "The proceeds of this placing will be utilised to fast-track activities at the high-grade Elizabeth Hill silver project, through a mixture of surface sampling and trenching programmes initially.

"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."

As of 1015 BST, Alien Metals shares were down 7.09% at 0.84p.