PERTH (miningweekly.com) – ASX-listed junior Alta Zinc will raise some A$4.3-million through a four-for-five non-renounceable pro-rata rights issue priced at 0.4c a share.
The rights issue price represented a 33% discount to Alta’s closing price on March 7, and a 32% discount to the ten-day volume weighted average share price.
Alta said on Friday that the rights issue would provide the company with sufficient funding to undertake resource definition drilling at high priority targets within its Gorno project area, in Italy, complete environmental baseline monitoring, and finalise the application and renewal of the Monica mining licence and other exploration licences at the Gorno project.
Funds will also be used to evaluate the potential of the Punta Corna project, in northern Italy, where historic cobalt mining took place.