The share price of Alien Metals has plunged Thursday after it announced a placing to raise approximately £3.5 million through the issue of 412 million shares.
The company said it will be placing new shares to certain institutional and other investors for 0.85p per share.
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The price represents a discount of approximately 21.3% to the closing price of 1.08p on 3 November 2021.
Alien Metals said the money raised will be applied to deliver the company's work programme over the next 6-12 months.
The company also announced that WH Ireland has been appointed joint broker with immediate effect.
Alien Metals shares reacted to the news by falling to a low of 0.802p. They are currently sitting at 0.94p, down 12.65%.
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