Alt Resources Limited entered into a binding heads of agreement to acquire MGK Resources Pty Ltd from Latitude Consolidated Limited for AUD 1.8 million.

Alt Resources Limited (ASX:ARS) entered into a binding heads of agreement to acquire MGK Resources Pty Ltd from Latitude Consolidated Limited (ASX:LCD) for AUD 1.8 million on January 16, 2018. As consideration, Alt Resources Limited will pay AUD 0.4 million cash within 7 days of signing the agreement, issue 12.5 million shares and a cash payment of AUD 0.6 million on or before March 30, 2018. The issue of shares as consideration is subject to shareholder approval of Alt Resources Limited.

Latitude Consolidated Limited may be required under ASX listing rules to seek shareholder approval for the transaction. If required, Latitude Consolidated Limited will lodge a notice of meeting in the coming week. Deal has been approved by the shareholders of Alt Resources on March 1, 2018.

The date of completion has been extended to April 30, 2018. As of April 17, 2018, Alt Resources Limited has completed the first tranche of placement to raise AUD 1.8 million to fund the AUD 0.6 million consideration. The consideration of AUD 0.4 million has been paid on January 24, 2018.