Alt Resources Limited (ASX:ARS) (the Company) is pleased to announce that it has received firm commitments to raise $,1351,400 at $0.02 per share before costs. The share placement was strongly supported and will provide funding for planned exploration at the Company's Mt Ida Projects and for working capital.

DJ Carmichael Pty Limited ("DJ Carmichael") has acted as the sole Lead Manager for the placement, which will be conducted over two tranches.

Alt Resources CEO, James Anderson, commented "We are pleased to have sufficient funding to focus on increasing our current resource base across the Mt Ida projects. This placement is a strong endorsement of the results we have achieved and the inherent value investors see in Alt Resources. We expect to have strong news flow in the months ahead, starting with a new round of drilling at Shepherds Bush, Forrest Belle and Boudie Rat with results and a potential resource upgrade likely to continue in line with exploration success."

Placement

The Company has successfully received acceptances to raise $1,351,400.00 which will be conducted in two tranches.

The first tranche to raise $1,100,250 will be completed this week utilising the Company's available placement capacity under ASX listing Rule 7.1 and 7.1A. 28,107,512 Shares to be issued using the Company's available placement capacity under ASX Listing Rule 7.1 and 26,905,008 Shares to be issued using the Company's available placement capacity under ASX listing Rule 7.1A.

The second tranche raising an additional $251,150 will be completed subject to shareholder approval to be sought at a General Meeting to be called for around the 22nd of July 2019.

An aggregate 67,570,000 fully paid ordinary shares in the capital of the Company (Shares) will be issued under the Placement at an issue price of $0.02 per Share (Issue Price). The Issue Price represents a 13% discount to the Company's last trading price of $0.023 (being the closing price on Wednesday 29th May 2019.

The Placement was made to investors qualifying under Section 708 of the Corporations Act 2001 (Cth) (Act).

Share Purchase Plan

The Company has also made an offer to existing eligible shareholders to acquire additional Shares in the Company under a Share Purchase Plan (Current SPP). The Current SPP offers shares at $0.024 with subscriptions received to date totalling $174,600.

Use of Funds

Funds raised will be used for resource and exploration drilling including the imminent drill program at Shepherds Bush, Forrest Belle and Boudie Rat, pit optimisation, development of a maiden ore reserve statement, vendor payment(s) and for general working capital purposes.


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: Placement to Fast Track Mt Ida Exploration


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