Alto Metals issues statement recommending rejection of Middle Island’s takeover offer
The level of acceptances by Alto’s shareholders remains negligible, evidenced by MDI's relevant Interest of only 1.57% in AME's shares as on September 23 2019.
Company
Alto Metals Ltd
ASX:AME
Alto Metals Ltd is an advanced gold explorer that owns the Sandstone Gold Project in the east Murchison of Western Australia. The Sandstone Gold Project covers ~740km 2 of the Sandstone Greenstone Belt and has an optimised, open-pit constrained mineral resource estimate (MRE) of 832,000 ounces of gold at 1.5g/t, capturing over 80% of the unconstrained total MRE of 1.05 million ounces.
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Alto Metals drills high-grade gold extensions at Sandstone Project
Assays from the initial 6,300 metres of the 10,000-metre program have been received and support a resource upgrade.
Alto Metals golden Lord Nelson results show potential to grow Sandstone resource
Results demonstrate the granodiorite host rock in the Lord Nelson open pit broadens to the south with potential to discover additional mineralisation.
Alto Metals chairman buys $600,000 worth of shares
This is a substantial purchase from the chairman and is a strong vote of confidence for the company’s future.
Alto Metals intersects up to 10.8 g/t gold in step-out drilling at Sandstone project
Results are also pending from the Lord Nelson and Havilah prospects.
Alto Metals board to consider increased takeover offer from Middle Island
The takeover offer has increased from five to six Middle Island shares for every one Alto share.
Alto Metals increases Sandstone Gold Project resource to nearly 300,000 ounces
The maiden inferred resource estimates from the Ladybird and Havilah deposits have potential to be increased with further planned exploration to follow.
Alto Metals has drill spinning for 10,000-metre program at Sandstone Gold Project
The company’s Sandstone Gold Project covers more than 800 square kilometres in a prolific WA gold district with surrounding infrastructure.
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.
Alto Metals welcomes defeating condition triggered on Middle Island Resources’ takeover bid
Alto chairman Terry Wheeler believes the offer fails to recognise the company’s unrealised potential.
Alto Metals directors outline recommended rejection of Middle Island Resources’ takeover bid
The directors’ target statement formally outlined reasons to reject the proposed buyer’s bid.
Alto Metals will use $2.6 million to fast-track drilling at Sandstone Gold Project
Commitments secured from this placement will enable Alto to accelerate drilling, progress further exploration, resource study work and cover general working capital.
Alto Metals in trading halt ahead of capital raising news
The companies securities will remain in trading halt until the beginning of trade on Monday, May 6, or when an announcement is made to the market.
Alto Metals board recommends shareholders reject Middle Island offer
The takeover offer is for five Middle Island shares for every one Alto share.
Alto Metals board mulling formal recommendation for takeover offer
The minimum acceptance condition has been reduced to 50.1%.
Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer
The offer is highly conditional and includes a 90% minimum acceptance condition.
Alto Metals chairman increases shareholding
Earlier this month, Alto received an all-scrip off-market takeover offer.
Alto Metals to potentially fast-track into gold developer with Middle Island takeover bid
The combined Middle Island-Alto assets offer a growth opportunity for current and future shareholders through low capital intensity and near-term gold production.
Alto Metals appoints Matthew Bowles as non-executive director
The company’s board now comprises Terry Wheeler, Jingbin Wang and Matthew Bowles.
Alto Metals enters trading halt ahead of board update
Two board members recently purchased over $100,000 worth of stock in the company.