Shares of Alien Metals Ltd (LON: UFO) today fell as much as 19.6% after the company announced that it has raised £2.5 million via a discounted share placement pricing the new shares at 1.1p each, a 27% discount to the stock’s Friday closing price.
Alien Metals said that the money raised would be used to expand and accelerate various exploration activities across the company’s portfolio with projects in Mexico and Western Australia being the immediate targets.
The company clarified that based on the current budget its existing work programmes are now fully-funded up to the end of next year barring any exceptional circumstances.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The programmes include drilling at Los Campos and San Celso, followed by economic studies, as well as exploration work at Elizabeth Hill and Hammersley.
Alien Metals now has a cash hoard of £4.3 million after today’s placement and its shares have since recouped most of their initial losses.
Alien Metals share price
Alien Metals shares today plunged 19.7% to trade at 1.225p having fallen from Friday’s closing price of 1.525p but had recouped most of its losses.
People who read this also read:
