Alto raises cash for Sandstone exploration
PERTH (miningweekly.com) – Junior Alto Minerals will raise A$7-million to fund exploration and resource growth at its Sandstone gold project, in Western Australia.
The company on Thursday reported that it had received firm commitments for the placement of 77.8-million shares, at a price of 9c each.
A total of 60.68-million shares would be placed to institutional, professional and sophisticated investors under the company’s existing placement capacity, raising an initial A$5.4-million, while a second tranche of over 17-million shares would be issued to directors of the company, subject to shareholder approval.
Funds raised would go towards exploration at the Sandstone project, Alto said on Thursday.
“The proceeds from this raising put Alto in a strong position as we head into 2022. We are well funded and can now focus on commencing our next major drilling and exploration programme, following up on the exceptional results we have announced this year, while at the same time continuing to advance our mineral resource update,” said MD Matthew Bowles.
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