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Alto Metals to review Habrok takeover offer after Goldsea bid is set to lapse

Alto directors have advised that shareholders should TAKE NO ACTION in respect of the Habrok proposal until they receive further advice from the board.

Alto Metals Ltd - Alto Metals to review Habrok takeover offer after Goldsea bid is set to lapse
Australia is tightening rules around foreign investment

Alto Metals Ltd (ASX:AME) board will review a takeover offer received in May from Habrok after China's Goldsea Group said it will let a takeover bid by its Australian unit for Alto lapse.

Goldsea is pulling the plug on its bid after Australia’s foreign investment board (FIRB) sought extra time to consider the deal as the country tightens rules around foreign investment.

Goldsea said the extension would have prolonged the FIRB decision to 10 months from its initial application in February.

Habrok proposal

Habrok is required to send its bidder's statement to Alto shareholders by no later than July 22 2020, being two months after the date of their original proposal.

Alto directors have advised that shareholders should TAKE NO ACTION in respect of the Habrok proposal until they receive further advice from the board.

Gold resource expansion

Last month, Alto updated the resource estimate for its Sandstone Gold Project in Western Australia after a 3,700-metre drilling program in March.

The estimate from Snowden Mining Industry Consultants advises that the inferred mineral resource has increased 60% to 1.8 million tonnes at 1.9 g/t for 109,000 ounces.

This represents an increase of 840,000 tonnes for an extra 41,000 ounces.

Quick facts: Alto Metals Ltd

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ASX:AME
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Market Cap: $24.69 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

2 min read