Alto Metals Ltd (ASX:AME) chairman Terry Wheeler has paid $600,000 to purchase 16.66 million company shares and receive 8.33 million attaching options.
The purchase was part of the $2.64 million placement that was completed in May 2019.
In order for Wheeler to participate, he required shareholder approval which was recently received allowing the share purchase to be confirmed.
READ: Alto Metals intersects up to 10.8 g/t gold in step-out drilling at Sandstone project
Alto continues to focus on developing its assets with a focus on its Sandstone Gold Project in Western Australia, where 10,000 metres of drilling is underway.
Drilling is targeting extensions to Sandstone's 290,000 ounce gold JORC resource grading 1.7 g/t gold.
The most recent drilling update from earlier this month revealed grades of up to 10.8 g/t gold has been intersected.