Oversubscribed Placement with Strong Support
Oversubscribed Placement with Strong Support

Canberra, Aug 5, 2019 AEST (ABN Newswire) - Alt Resources Limited (googlechartASX:ARS) (Alt or the Company) is pleased to announce that it has received firm commitments to raise $4,000,000 at $0.025 per share before costs. The share placement was oversubscribed showing exceptional support from investors.

Placement

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

The first tranche to raise $2,125,000 will be completed on or around Friday, 9 August 2019 utilising the Company's available placement capacity; with 47,200,000 shares to be issued using the Company's placement capacity under Listing Rule 7.1, and 37,800,000 shares to be issued under the Company's placement capacity under Listing Rule 7.1A. The second tranche, raising an additional $1,875,000, will be completed subject to shareholder approval to be sought at a General Meeting to be called for on or around 12 September 2019.

Use of Funds

Funds raised will be used for ongoing development of the Company's Mt Ida and Bottle Creek Gold Project including:

- resource and exploration drilling Mt Ida Gold Project;

- development of a maiden ore reserve statement;

- feasibility study;

- vendor payment(s); and

- for general working capital purposes.

An aggregate 160,000,000 fully paid ordinary shares in the capital of the Company will be issued under the Placement at an issue price of $0.025 per Share. The Placement was made to investors qualifying under Section 708 of the Corporations Act 2001 (Cth).

James Anderson, Alt CEO commented "This is an outstanding result for the junior end of the gold sector which has struggled over the past 12 months. We are pleased and impressed with the support from investors. The Company can now maintain drilling operations and continue to move the Mt Ida project forward towards development of a small-scale mining operation. The support for this placement is a strong endorsement of the recent exploration results, the potential investors are now starting to see in Alt and a great job by DJ Carmichael and Andrew Sparke, our ED Corporate Finance."


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.

abnnewswire.com 


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



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