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- Alta Zinc (AZI) has opened its share purchase plan and is aiming to raise $500,000 for the Gorno Zinc Project in Italy
- Shareholders will be able to subscribe for up to $30,000 worth of new shares at a price of 0.4 cents each
- Subject to shareholder approval, participants will receive one free attaching option for every three new shares issued
- Additionally, Managing Director Geraint Harris has announced his intention to participate in the share purchase plan and take his maximum entitlement
- Alta Zinc has ended the day 16.7 per cent in the red with shares trading for 0.5 cents each
Alta Zinc (AZI) has opened its share purchase plan and is aiming to raise $500,000 for the Gorno Zinc Project in Italy.
This plan follows a $3.6 million placement that was announced in June.
Shareholders will be able to subscribe for up to $30,000 worth of new shares at a price of 0.4 cents each.
This price represents a 20 per cent discount to the five-day volume weighted average price.
Subject to shareholder approval, participants will receive one free attaching option for every three new shares issued.
These options will have an exercise price of 1 cent and will expire on January 31 2022.
Additionally, Managing Director Geraint Harris has announced his intention to participate in the share purchase plan and take his maximum entitlement.
If subscriptions totalling more than $500,000 are received, Alta Zinc has the right to close the offer early, accept oversubscriptions or scale back applications.
If the plan is oversubscribed then shareholders may receive less than they applied for.
The share purchase plan will close on August 28 and the shares and options will be issued on September 4.
These shares and options are expected to begin trading on the ASX on September 7.
Alta Zinc has ended the day 16.7 per cent in the red with shares trading for 0.5 cents each in a $16.51 million market cap.
