Alt Resources Limited (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.

To view the release, please visit:
http://abnnewswire.net/lnk/71S227Z8


About Aurenne Alt Resources Pty Ltd

Aurenne Alt Resources Pty Ltd 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.

 

Contact

Andrew Sparke
Executive Director
Email: andrew@altresources.com.au

Peter Nesveda
Investor Relations and Corporate Affairs
Mob: +61 (0) 412 357375
Email: peter@intuitiveaustralia.com.au



Link: Capital Placement


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