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Alto Metals receives cash takeover offer, board recommends take no action

Alto's board considers the continued, unsolicited, interest a strong endorsement in the company and the Sandstone Gold Project.

Alto Metals Ltd - Alto Metals receives cash takeover offer from private company
The cash offer was made last Friday by a local subsidiary of a Chinese company known as the Goldsea Group

Alto Metals Ltd (ASX:AME) has received a takeover offer from Goldsea Australia Mining Pty Ltd, an Australian subsidiary wholly owned by Shandong Goldsea Group Co. Ltd.

Last Friday, Goldsea revealed its intention to make an off-market takeover offer to acquire all Alto shares for 6.5 cents each in cash.

The offer values Alto at $20.7 million and has boosted shares 75% intra-day to 6.3 cents.

The offer is subject to conditions, including due diligence, a 90% minimum acceptance condition, and approval of the Australian Foreign Investment Review Board (FIRB).

Alto is focused on exploration at its Sandstone Gold Project in Western Australia, which has a JORC resource of 290,000 ounces grading 1.7 g/t gold.

Alto board recommends shareholders should TAKE NO ACTION

The company's board of directors have advised that shareholders should TAKE NO ACTION, and await the board's formal recommendation in the Target's Statement.

Alto’s Target's Statement will be issued within 15 days of Alto receiving notice from Goldsea that the Bidder's Statement and offers have been sent to all Alto Shareholders.

Quick facts: Alto Metals Ltd

Price: 0.068 AUD

ASX:AME
Market: ASX
Market Cap: $19.95 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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