Alien Metals cash call

▤ Summary

Alien Metals Ltd (LON: UFO) is raising \xa31.5m via a placing and subscription at 0.5p a share. The cash will help to fund the development of the minerals explorers drilling and geological programmes. Prior to the announcement of the fundraising the share price ended the day at 0.65p.Earlier this week, Alien Metals subsidiary Iron Ore Company of Australia has entered into binding heads of agreement to acquire a tenement near the companys Hancock project. Alien Metals hopes to get Hancock in production in the first half of next year.New executive chairman Roderick McIllree will acquire 50 million shares. Chief executive Bill Brodie Good will buy two million shares.

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