The facility will allow the company to continue drilling at the flagship Sandstone Gold Project in Western Australia and meet working capital requirements.
This has been necessary due to the extended delays caused by Habrok’s application to the takeovers panel as well as the panel’s interim orders deferring the company's announced entitlement issue while the application is considered.
The Harvest Lane facility is in addition to the Windsong Valley Pty Ltd loan facility and provides Alto with the ability to continue drilling at Lord Nelson as well as working capital.
“Pleased to have negotiated facility”
Exploration activities include follow-up drilling targeting mineralisation around 200 metres south of the Lord Nelson pit and beneath the pit, as part of a planned 10,000-metre program.
Managing director Matthew Bowles said: “We are pleased to have negotiated this bridge facility with Harvest Lane, who are supportive of our strategy and, like the majority of our shareholders want to see Alto continue with planned drilling and exploration activities and not be impacted by further delays to securing funding.”