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Alto Metals in trading halt pending update on shortfall placement shares

The trading halt will remain in place until the start of trading on Thursday, May 16, 2019, or when an announcement is made.
ASX boards
Alto is advancing the Sandstone Gold Project

Alto Metals Ltd (ASX:AME) has been granted a trading halt by the ASX pending an update on the shortfall placement shares in relation to the current takeover offer from Middle Island Resources Ltd (ASX:MDI).

The trading halt will remain in place until the start of trading on Thursday, May 16, 2019, or when an announcement is made, whichever occurs first.

READ: Alto Metals welcomes defeating condition triggered on Middle Island Resources’ takeover bid

Middle Island had offered Alto shareholders five shares in Middle Island for every one Alto share held.

However, Alto’s board recommended its investors to reject the offer.

On May 6, 2019 Alto revealed that it will issue about 16.7 million new ordinary shares and 8.3 million new options to its chairman Terry Wheeler.

Importantly, the agreement to issue the additional Alto securities had triggered a defeating condition of the Middle Island takeover offer.

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