Alta signs strategic alliance to progress Gorno project
PERTH (miningweekly.com) – ASX-listed Alta Zinc has executed a strategic alliance agreement and mandate with private equity group Areta Capital Partners to progress the Gorno zinc project, in northern Italy.
Arete has introduced a consortium of investors who have committed to provide a cornerstone funding package of A$3-million by way of a share placement, priced at 1.1c a share.
Some 272.7-million shares will be issued, with the consortium of investors holding a 19.9% shareholding in Alta post the issue of capital.
As a result, the consortium would have the right to nominate a director to the Alta board on achieving a 10% shareholding, and a second director on achieving a 20% shareholding.
Alta told shareholders on Friday that the funds raised would be used to continue the technical studies for the Gorno project, as well as to finalise a mining work plan, outstanding work to achieve a project financing decision, permitting, and for associated development or operational costs.
The strategic alliance agreement would provide Alta with a committed long-term partner that has extensive experience in resource project development and operations to assist in executing the Gorno strategy, Alta said.
In addition, Arete has the capacity to support the future growth of Alta through additional capital investments with the support of their strategic investment partners.
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