PERTH (miningweekly.com) – ASX-listed junior Alto Metals has announced a A$2.6-million capital raise to fast-track drilling at its Sandstone gold project, in Western Australia.
The company placed some 56.87-million shares, at 3.6c each, along with one free attaching unquoted option, exercisable at 7c each for every two shares subscribed.
“Alto is extremely pleased with the interest and support from investors which represents a strong endorsement of Alto’s Sandstone gold project, technical capabilities and ongoing strategy to generate and drill test a pipeline of highly prospective exploration targets,” said Alto chairperson Terry Wheeler.
“With this funding secured, we can commence the aggressive drilling campaign of approximately 10 000 m, targeting high-grade gold at several known prospects at Havilah, Vanguard and Lord Nelson, in addition to exploration at a number of new targets we have identified.”
Alto will raise an additional A$600 000 through a share placement to Wheeler, to maintain his interest in the company.