Alien Metals partner raises A$7.5m for Munni Munni project

Alien Metals Ltd announced its Munni Munni joint venture partner, GreenTech Metals has raised A$7.5 million to help advance exploration at the Western Australian platinum-palladium-copper-nickel project.

The AIM-listed company said GreenTech’s placing, backed by institutional and sophisticated investors, will primarily fund Phase II exploration and development work at Munni Munni and GreenTech’s Whundo project.

GreenTech has now raised more than A$12 million for the project over the past six months, which Alien said significantly increases the funding available for exploration and technical programmes.

Alien also sold nine million GreenTech shares to institutions at A$0.075 each, raising about A$700,000 before costs. It said the proceeds would add to existing cash resources and support the progression of its assets, while retaining material exposure to Munni Munni.

Following completion of the GreenTech placing, Alien will hold 37.9 million GreenTech shares, representing about 10% of GreenTech’s issued capital after the second tranche is allotted. Alien also retains a 30% interest in Munni Munni, free carried to completion of a bankable feasibility study.

In London, Alien Metal shares fell 8% to change hands at 0.14p.