Result of Security Purchase Plan
- $ 484,000 raised via oversubscribed Share Purchase Plan (SPP)
- Funds raised to be used to for exploration drilling at the Company projects located in Western Australia and NSW.
Share Purchase Plan
The SPP was strongly supported by Shareholders and was heavily oversubscribed with the Company receiving applications totalling $484,000 being 9,680,000 shares at $0.05.
In light of the strong demand from existing Shareholders, the Company's Board of Directors has elected to increase the original target which was set at $300,000 and accept all valid applications received to allow all eligible shareholders to fully participate in the Offer.
Use of Funds
The funds raised from the SPP will be used for resource drilling at the Company's newly acquired Bottle Creek Gold Mine, further exploration drilling at the Mt Roberts gold project both located in the Eastern Goldfields of WA and to expand exploration at the Paupong and Myalla projects located in NSW.
CEO James Anderson said "The Company is delighted with the strong support for the SPP from our long-term shareholders. The funds raised have strengthened the Company's cash position ahead of the planned drilling programs due to commence in 2018. The strength of the historical data coming out of Bottle Creek is especially encouraging for Shareholders and we are excited to commence drilling at this project in March next year."
Issue of Shares
The Company expects the shares under the SPP to be issued on Monday 18 December with allotment advice to be despatched to Shareholders and trading to commence on 19 December 2017.
The Company will be closing operations from 20 December 2017 returning on 8 January 2018 for the Christmas and new year period with operations to recommence by middle of January 2018.
The Board of Directors wish to thank all Shareholders for their ongoing support as the Company continues to expand its drilling operations and project acquisition.
About Alt Resources Ltd
Alt Resources Limited (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.
Alt Resources Ltd