Alto raises exploration funding
PERTH (miningweekly.com) – Gold explorer Alto Metals will raise A$5-million through a share placement to fund exploration drilling at its Sandstone gold project in Western Australia.
The company has received firm commitments for the placement of 96-million shares at a price of 5.2c each, with the placement strongly supported by the company’s existing major shareholders and new resource-focused funds.
The placement will be completed in two tranches, with the first tranche of more than 101.3-million shares to be issued under the company’s existing placement capacity. The second tranche of 2.8-million shares, for director participation, will be subject to shareholder approval.
“We are extremely pleased with the overwhelming support for the placement from our existing shareholders and new resource-focused investment funds, which is a strong endorsement of the quality of our Sandstone gold project, and I would like to thank everyone for their support,” said Alto MD Matthew Bowles.
“Our drilling at Sandstone continues to deliver outstanding results and this capital raising sees Alto fully funded for all our current exploration planned for 2023 and forward programme for the next 12 months. We are looking forward to receiving assays currently pending from over 4 500 m of reverse circulation drilling at Indomitable, targeting potential high-grade structures in the primary rock at depth, and rigs are ready to be mobilised to follow up on these pending results. Regionally, our low-cost lithium exploration work is continuing along with our review of historical data.”
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
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
