Alto secures bridging facility
PERTH (miningweekly.com) – ASX-listed Alto Metals has secured an additional A$1-million short-term, unsecured bridge loan facility from shareholder Harvest Lane Asset Management.
Alto said on Tuesday that the funding would allow the company to continue with its exploration work and to meet working capital requirements while the Takeovers Panel considers an application by suitor Habrok to prevent Alto from raising cash.
The directors of Alto have previously urged shareholders not to accept a takeover offer from Habrok, under which the suitor was offering 6.6c a share, with the company instead opting to raise some A$5.1-million through a one-for-four pro-rata accelerated non-renounceable entitlement offer.
The Takeovers Panel has issued interim orders for Alto to defer the entitlement offer until a determination could be made.
“We are pleased to have negotiated this bridge facility with Harvest Lane, who are supportive of our strategy, and the majority of our shareholders want to see Alto continue with our planned drilling and exploration activities and not be impeded by further delays due to securing funding,” said Alto MD Matthew Bowles.
“We look forward to having the deferral of the entitlement issue resolved quickly so that we may more appropriately fund our exploration strategy and focus on significantly increasing our drilling activity at Lord Nelson and the multiple other targets at the Sandstone gold project.”
The loan facility will have an 8% a year interest rate and all monies under the facility are payable on August 11, 2021.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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