Large shareholders throw their weight behind Alta Zinc capital raising
Alta Zinc's (ASX: AZI) largest shareholders have thrown their support behind the emerging zinc producer's non-renounceable rights issue, which is designed to raise up to $4.4 million. Shareholders associated with the Victor Smorgon Group and Alta directors Alex Burns and Marcello Cardaci will contribute a combined $1.15 million by taking up their entitlements in the four-for-five issue, priced at 0.4c per share. Alta will use proceeds from the rights issue to start exploration and resource drilling at its flagship Gorno zinc project in northern Italy.
Alta Zinc Limited (Alta or the Company) (ASX: AZI) is pleased to provide additional information with respect to the non-renounceable rights issue offer to raise approximately $4.381 million (Rights Issue).
The new information concerns the intentions of Alta Directors and substantial shareholders in relation to their entitlements under the Rights Issue and has been made available to the Company since the offer was announced on 8 March 2019.
VBS Exchange Pty Limited and associates, a substantial shareholder of the Company and part of the Victor Smorgon Group, has confirmed that it will subscribe for its entitlements in full for proceeds of $510,545.
The Executive Chairman and CEO, Mr Alexander Burns, has confirmed that his private investment company ASIM Holdings Pty will subscribe for its entitlements in full for proceeds of $407,359.
Mr Marcello Cardaci, who is a non-executive Director of the Company and has an indirect interest in shares held by Malvasia Pty Ltd (as a beneficiary of the Spyder Super Fund), has confirmed that he has been advised that Malvasia Pty Ltd intends to subscribe for its entitlements in full for proceeds of $235,911.
Offer documents were dispatched to eligible shareholders on 18th March 2019. In order to participate in the Rights Issue, eligible shareholders must ensure that applications for New Shares are received by the share registry in accordance with their Entitlement and Acceptance Form by no later than 5.00pm AEDT on the closing date 5 April 2019.