Alto Metals Limited has advised that the Shareholder Purchase Plan (SPP) was closed on 14 November 2017. The Company received valid applications from eligible shareholders for new shares raising $917,000 with the shares to be issued at a price of 7.5 cents per share which was the same price as a placement to Sophisticated Investors made on 24 October 2017 (being a 15% discount at the time of the placement announcement).
As a result, 12,226,642 new fully paid ordinary shares in Alto will be issued to shareholders on 21 November 2017 and statements will be dispatched to shareholders with the new shares to begin trading on 22 November 2017.
This brings the total funds received from the recent Placement and the Share Purchase Plan to $2.5 million.
Funds raised will be primarily directed towards the continuation of work at the Sandstone Gold Project and will include drill targeting of extensions to Vanguard and other existing mineral resources, drill targeting of other prospect area and for working capital.
Alto would like to thank all Shareholders for their strong and continued support of the Company.
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