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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.

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