Law firm Hill Dickinson has recently advised AIM-listed client Alien Metals Limited (AIM:UFO) on a placing that raised gross proceeds of £2 million from investors.
Alien Metals is a mining exploration and development company that is focusing 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% the Vivash Gorge iron ore project in the West Pilbara in July 2022.
The funds raised will enable Alien Metals to fund exploration activities, particularly in relation to native title negotiations and field heritage survey at its Hancock range, as well as the company’s activities at Pinderi Hills. The funds raised will also be used for general working capital purposes.
WH Ireland acted as broker for Alien Metals in relation to the placing.