Goldsea yesterday lodged its bidder's statement confirming its intention to make an off-market takeover offer to acquire all Alto shares for 6.5 cents each in cash.
The bidder's statement also detailed a new separate cash offer for all Alto options.
The offer is subject to conditions, including due diligence, a 90% minimum acceptance condition, and approval of the Australian Foreign Investment Review Board (FIRB).
Alto is focused on exploration at its Sandstone Gold Project in Western Australia, which has a JORC resource of 290,000 ounces grading 1.7 g/t gold.
The takeover offer is a testament to the exploration potential of the Sandstone Project.
Alto board recommends shareholders should TAKE NO ACTION
Alto's board is currently undertaking a detailed review and evaluation of the offers and reiterates that shareholders should TAKRead More – Source