Altair Minerals to Raise AU$28 Million via Share Placement; Shares Reach Near 14-Year High
MT Newswires Live
Apr 27
Altair Minerals (ASX:ALR) received a firm commitment from Endeavour Mining's Endeavour Gold subsidiary to raise AU$28.2 million through a placement of 656.3 million shares at AU$0.043 apiece, according to a Monday filing with the Australian bourse.
In tranche one, 398 million shares will be issued, while the remaining 258.3 million shares will be issued in tranche two, subject to shareholder approval, the filing said.
Proceeds will be used to advance the company's drilling and geochemical programs.
Endeavour is expected to become a 9.9% shareholder of the company upon completion of the placement, per the filing.
Shares rose 20% in recent Monday trade and earlier reached their highest since June 2012.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.