PERTH (miningweekly.com) – ASX-listed Alta Zinc has secured A$3.6-million to fund exploration work at its Gorno zinc project in Italy.
The junior has received firm commitments from professional and institutional investors for the placement of 890.5-million shares, priced at 40c each, and more than 296.5-million listed options, with an exercise price of 1c each.
An initial A$2.2-million will be raised through the placement of 550.5-million shares under Alta’s placement capacity, while a second tranche placement of 340-million shares will be subject to shareholder approval.
“This placement provides us with significant balance sheet support for our underground drilling programmes at the high grade Pian Bracca and Pontente zones,” said Alta MD Geraint Harris.
“We welcome our new shareholders and are very appreciative of the support that our existing shareholders continue to provide. We intend to build shareholder value through the exploration of our highly prospective zones of identified mineralisation and also to look for opportunities to step out our exploration into new areas. This is with the ultimate aim of increasing the mineable resource inventory at Gorno which will enable us to consider its development options at the appropriate time.”
Meanwhile, Alta will also offer eligible shareholders the opportunity to subscribe for up to A$30 000 worth of new shares in the company under a similarly priced share purchase plan, with the aim of raising up to A$500 000.