https://www.engineeringnews.co.za

Middle Island's offer for Alto lapses

5th December 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Middle Island Resources’ takeover offer for fellow-listed Alto Metals has lapsed after a 50% minimum acceptance condition was not met by the deadline of November 29.

Middle Island’s takeover offer had consisted of six of its own shares for every one Alto share held, valuing Alto shares at around 5.4c each.

Middle Island on Thursday told shareholders that the company’s directors continued to believe that the combination of the two company’s gold assets offered a substantial growth opportunity for the shareholders of a combined entity, with the combined entity to have had a low start-up cost and near-term gold production using Middle Island’s existing Sandstone gold processing plant and infrastructure, along with the consolidation of significant gold resource upside and exploration potential within the combined tenure.

Alto owns the Sandstone gold project, which is currently estimated to host some 261 000 oz of gold in the East Murchison mineral field of Western Australia.

Middle Island also owns a Sandstone project, with an estimated indicated and inferred mineral resource of 537 000 oz, and an exploration target of between 900 000 oz and 1.5-million ounces.

Middle Island told shareholders that the company would continue to pursue "meaningful dialogue" with the Alto board to seek value add for both sets of shareholders.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Vikela Aluvin (Pty) Ltd
Vikela Aluvin (Pty) Ltd

Complete range of security sealing solutions including security seals bags and labels.

VISIT SHOWROOM 
CSIR International Convention Centre (CSIR ICC)
CSIR International Convention Centre (CSIR ICC)

CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 1.01s - 140pq - 2rq
Subscribe Now