Placement and Share Purchase Plan
Placement and Share Purchase Plan
Canberra, Nov 15, 2017 AEST (ABN Newswire) - Alt Resources Limited (ASX:ARS) (the Company) is pleased to announce that it is proposing to undertake a capital raising to raise up to approximately $1.25 million before issue costs. The share issue comprises a placement to sophisticated and professional investors to raise $999,895 (Placement), and a Share Purchase Plan to existing eligible shareholders to raise approximately $250,000 (SPP). Details of both the Placement and SPP are set out below.


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 LtdAlt 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.



Clive Buckland
Company Secretary
Alt Resources Ltd
T: 1300-66-00-01

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