Placement and Share Purchase Plan
The Company has successfully completed a bookbuild to raise $999,895 via the heavily oversubscribed Placement which closed on 14 November 2017. The Placement will be conducted in two tranches. The first tranche of $699,895 will be completed this week pursuant to the Company's available capacity under ASX Listing Rule 7.1. The second tranche of approximately $300,000 will be completed following the receipt of necessary shareholder approval.
An aggregate 19,997,907 fully paid ordinary shares in the capital of the Company (Shares) will be issued under the Placement at an issue price of $0.05 per Share (Issue Price). The Issue Price represents a 10% discount to the Company's last trading price of $0.055 (being the closing price on Friday, 10 November 2017).
The Placement will be made to investors qualifying under Section 708 of the Corporations Act 2001 (Cth).
Share Purchase Plan
The Company is also pleased to offer existing eligible shareholders the opportunity to acquire Shares at the same price as the Placement under the SPP.
Shareholders on the Company's register as at close of business on Tuesday, 14 November 2017 will be able to purchase up to a maximum of $15,000 worth of Shares under the SPP.
The key terms of the SPP are:
- Eligible shareholders will be able to acquire Shares in five (5) parcel sizes ranging from $1000 up to $15,000.
- The SPP will open on Friday, 17 November 2017 and close on Friday, 8 December 2017.
- The Company seeks to raise $250,000 under the SPP via the issue of 5 million Shares.
- The right to participate in the SPP is optional for eligible shareholders and is non-renounceable (i.e. it cannot be transferred to another person).
- The SPP is not underwritten.
Use of Funds
It is intended that funds raised under the SPP and Placement will be used as follows:
a) Pay the Option Fee to secure the Bottle Creek Gold Project located at Mt Ida in Western Australia;
b) Undertake 8000 metres of RC drilling programs at the Bottle Creek Gold Project;
c) Undertake resource drilling at the Mt Roberts Gold Project located at Leinster in Western Australia; and
d) Provide working capital for the Company's current operations
It is anticipated that the further details of the SPP will be announced and dispatched on Wednesday, 15 November 2017.
About Alt Resources Ltd
Alt Resources Limited (ASX:ARS) operates in the secure jurisdictions of Western Australia and New South Wales, focusing on gold and base metals. The Company's objectives are to continue aggressive exploration activities to develop the existing projects and define new JORC compliant mineral resources. Key focus for the Company is the Mt Ida Gold Belt region which includes several high value drill and project targets.
The Company also owns a 70% interest in the Paupong and Myalla gold and base metal projects in the Lachlan Orogen, NSW. An aggressive exploration program was undertaken throughout 2016 at the Paupong intrusion-related Au-Cu-Ag system, over an area of 60 square kilometres.
The Board considers the portfolio of assets to represent excellent potential for the discovery of economic gold and copper deposits. Exploration by the Company is ongoing with drilling programs planned and underway at Bottle Creek, Paupong, Myalla and the Mt Roberts project.
Alt Resources Ltd