Skip Navigation Links
SEARCH  



 
Bookmark and Share
Alt Resources Ltd (ASX:ARS) Placement to Raise up to $2.5 Million
Alt Resources Limited (ASX:ARS) (the Company) is pleased to announce that it is proposing to undertake a capital raising to raise up to $2.5 million before issue costs. The raising consists of a placement of shares to raise $2.3 million and Director loan to the Company of $200,000. The share issue comprises a placement to sophisticated and professional and existing investors and Directors of the Company (Placement).

Placement

The Placement is to be conducted in two tranches. The first tranche to raise $1,464,152 was completed today using the Companies available placement capacity under ASX listing Rule 7.1 and 7.1A. The second tranche to raise $763,848 will be completed following receipt of necessary shareholder approval at the Company's Annual General Meeting to be held 22 November 2018.

Up to an aggregate 76,666,666 fully paid ordinary shares in the capital of the Company (Shares) will be issued under the Placement at an issue price of $0.03 per Share (Issue Price). The Issue Price represents 10.78% discount to the Company's Volume Weighted Average Price (VWAP) over the last 15 days the shares traded. The VWAP being $0.0336.

Subject to Shareholder approval the Company will issue one (1) listed option to acquire a share (Option) for every three (3) Shares subscribed for and issued under the Placement. The Options will be exercisable at $0.045 per Option and an expiry date being 8 November 2021. Up to an aggregate of 25,555,555 options will be issued.

The Placement was made to investors qualifying under Section 708 of the Corporations Act 2001 (Cth) (Act)

Use of Funds

a) to pay the first Vendor Payment for Bottle Creek Gold Project: and

b) to provide general working capital for the Company.

James Anderson
CEO Alt Resources Ltd
M: +61-406-069-243
E: james.anderson@altresources.com.au

Peter Taylor
Investor Relations
E: Peter@nwrcommunications.com.au
M: +61-412-036-231





Disclaimer | Terms Of Use And Privacy Statement


© Metals News. All rights reserved.