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.”