London-listed Arian Silver is set to change its name to Alien Metals, the company announced to the market on Tuesday, saying that it was scouting for project acquisitions to enhance its value.
The name change was approved at the September 20 shareholders meeting, where 76% voted in favour of the change. More than 20% of the votes were cast against the proposed change of name to Alien.
Arian, which has been operating in Mexico for more than ten years, is seeking out new projects, executive chairperson Dennis Edmonds said in a statement reporting on the company’s interim results for the period ended June.
At June 30, the company owned 12 silver mining concessions, covering an area of about 1 500 ha. Included in its concessions are the Los Campos project, the San Celso project and five other silver projects.
The company has total assets of $1.2-million, of which about $0.7-million are cash. Its liability amounts to $0.1-million.
Arian posted a loss of $1.1-million in the six months, compared with $607-million a year earlier.