REG - Alien Metals Limited - Notice to cancel Tranche 2 Funding

Alien MetalsAnnouncement

18/08/2023 07:00

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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
£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 £2 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 (https://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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