Alto Metals Ltd (ASX:AME) has seen Horizon Gold Ltd (ASX:HRN) (Horizon Gold Ltd (ASX:HRN)) acquire 60,759,746 shares, representing 9.91% of AME’s issued capital. The shares were acquired for $3.17 million with funding provided by a loan facility from a subsidiary company of Horizon’s major shareholder Zeta Resources Ltd.
The loan facility is unsecured, has an interest rate of 8.0% per annum, and is repayable by no earlier than December 31 this year.
Managing director Leigh Ryan said: “This strategic investment in Alto Metals is part of our broader aim to enhance the value of Horizon’s Gum Creek Gold Project.”