Alto Metals Ltd (ASX:AME) has had two of its board members increase their stake in the company after participating in the recent capital raising.
Acting chairman Terence Wheeler purchased 2.89 million shares for $104,200 increasing his stake to 34.52 million shares.
Executive direction Dermot Ryan purchased 138,888 shares for $5,000 increasing his holding in the company to 7.55 million.
READ: Alto Metals promotes Patrick Holywell to board level
Alto is focused on expanding its 261,000-ounce gold resource at its flagship Sandstone Project in Western Australia.
The Sandstone resource is spread across three deposits – Lord Henry, Lord Nelson, and Indomitable Camp & Vanguard Camp.
A number of other advanced prospects exist including Havilah, Ladybird and Sandstone North.
Alto is expecting to release maiden JORC resource estimates over the coming weeks.