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Alto Metals chairman increases shareholding

Earlier this month, Alto received an all-scrip off-market takeover offer.

drill rig on site at Sandstone Project
The Sandstone Gold Project in Western Australia is Alto's flagship asset

Alto Metals Ltd (ASX:AME) chairman Terrence Wheeler has acquired 6.38 million shares valued at $300,000.

The acquisition increases Wheeler’s holding in the company to 40.7 million shares.

This recent share acquisition is a result of the conversion of a convertible loan.

READ: Alto Metals to potentially fast-track into gold developer with Middle Island takeover bid

Earlier this month, Alto received an all-scrip off-market takeover offer for all issued ordinary Alto shares from gold exploration company Middle Island Resources Ltd (ASX:MDI).

The offer for five Middle Island shares for every one Alto share is based on Middle Island’s closing price of 0.9 cents on February 28, 2019, valuing Alto at about $9.4 million.

Quick facts: Alto Metals Ltd

Price: 0.073 AUD

ASX:AME
Market: ASX
Market Cap: $21.42 m
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Alto Metals adding ounces and grade across multiple deposits at Sandstone...

Alto Metals Ltd (ASX:AME) managing director Dermot Ryan summarises for Proactive Investors the past 24 months of exploration and metallurgical test works at the approximately 800 square kilometre Sandstone Gold Project in Western Australia. There is currently a defined a gold resource of...

on 6/12/18

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