Alto raises funds for Sandstone growth
PERTH (miningweekly.com) – Junior Alto Metals will raise A$4-million in a share placement and share purchase plan (SPP) to fund growth at its Sandstone gold project, in Western Australia.
The ASX-listed company has received firm commitments for a share placement, priced at 6.5c each, raising A$3-million. The company’s directors have committed their support for the placement, subscribing for a collective A$65 000 of new shares in the company, subject to shareholder approval.
In addition to the share placement, Alto will also undertake an SPP aimed at raising a further A$1-million, allowing eligible shareholders to subscribe for up to A$30 000 of additional shares in the company, also at a price of 6.5c each.
Funds raised will go towards ongoing resource drilling at Sandstone, and to plan for the next phase of exploration.
“Our drilling campaign this year at our Sandstone gold project continues to deliver outstanding shallow, high-grade results and we are confident it will drive significant future resource growth,” said MD Matthew Bowles.
“The capital raising announced today positions us well as we head into 2023, allowing us to continue focusing on the resource drilling and mineral resource work, while at the same time preparing to commence our first drilling programme at the exciting high-grade Oroya mine later this month. We are extremely pleased with the overwhelming support in the placement from our existing shareholders and new investors, which is a strong endorsement of the quality of our Sandstone gold project,” he added.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
