Alt Resources Limited: Capital Placement
Canberra - Alt Resources Ltd. (ASX:ARS) (the Company) is pleased to announce that it is proposing to undertake a capital raising to raise up to $2,736,000 before issue costs. The share issue comprises a placement to sophisticated and professional investors (Placement).Placement
The Placement is to be conducted in two tranches. The first tranche to raise $1,791,186 was completed today using the Company's available placement capacity under ASX Listing Rules 7.1. and 7.1A. The second tranche to raise up to an additional $944,813 will be completed following the receipt of necessary shareholder approval.
Up to an aggregate 48,000,000 fully paid ordinary shares in the capital of the Company (Shares) will be issued under the Placement at an issue price of $0.057 per Share (Issue Price). The Issue Price represents 14.9% discount to the Company's Volume Weighted Average Price (VWAP) over the last 15 days the shares traded, being $0.067.
Subject to shareholder approval, the Company will issue one (1) option to acquire a Share (Option) for every three (3) Shares subscribed for and issued under the Placement. The Options will be exercisable at $0.10 on or before 31 December 2019. Up to an aggregate 16,000,000 Options will be issued under the Placement.
The Placement is made to investors qualifying under Section 708 of the Corporations Act 2001 (Cth) (Act).
Use of Funds
It is intended that funds raised under the Placement will be used as follows:
a) to pay Latitude Consolidated Limited the cash payment of $600,000 for the Mt Ida South and Quinns Project acquisition, as announced on 16 January 2018;
b) to continue RC and diamond drilling programs at the Bottle Creek Gold Project;
c) to undertake JORC 2012 resource modeling and metallurgical studies;
d) to commence pre-feasibility studies: and
e) to provide general working capital for the Company's current operations.
About Alt Resources Ltd:
Alt Resources Ltd. (ASX:ARS) is an Australian based mineral exploration company that aims to become a gold producer by exploiting historical and new gold prospects across quality assets and to build value for shareholders. The Company's portfolio of assets includes the newly acquired Bottle Creek gold mine located in the Mt Ida gold belt, the Paupong IRG Au-Cu-Ag mineral system in the Lachlan Orogen NSW, Myalla polymetallic Au-Cu-Zn project east of Dalgety in NSW and the Mt Roberts gold project located near the town of Leinster in WA.
Alt Resources, having acquired historical and under-explored tenements in the Mt Ida Gold Belt, aims to consolidate the historical resources, mines and new gold targets identified within the region. Potential at Mt Ida exists for a centralised production facility to service multiple mines and to grow the Mt Ida Gold Belt project to be a sustainable and profitable mining operation.
Contact:
Alt Resources Ltd. T: 1800-774-438
F: +61-2-4910-2510
E: info@altresources.com.au
www.altresources.com.au