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6153,
Australia Phone: +61
(0) 8 9316 9100
Fax: +61 (0) 8 9315 5475
ABN 22 073 653 175
ASX/Media
Release 22 May 2007
$3.3 PLACEMENT - First Tranche
Issued
The Directors of
Alto Energy International Limited (Alto) are pleased to confirm the completion
of the First Tranche of its recently announced Placement to raise $3.3 million
for the continuation of its operations in Oklahoma and Louisiana where it has just
finished drilling the first three wells in its program. All three wells have
been successful.
The Placement was
undertaken as a private placement to sophisticated investors and is being
completed in two tranches. The First Tranche funds of $1.25m have been received
and 25m ordinary shares in Alto have now been issued. Firm commitments for the
Second Tranche have been received.
The issue of the
remaining 41,000,000 shares is conditional on shareholders approval at a
General Meeting to be held on 26th June 2007. A notice of meeting will be sent
to shareholders this week.
Please find
attached for immediate release a Section 708A Notice as required by the
Corporations Act 2001, in respect to the First Tranche Shares.
For
further information contact:
Mr James Trimble
Tel. +1 (713)
829-7930
Email: jtrimble@grandgulf.net or
|
Mr Charles Morgan
+61 412 152534
Email:
cmorgan@seaspin.com.au
|
Section 708 Notice
Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)
(ASX Code: AOI)
Alto Energy
International Limited (AOI) seeks
to rely on section 708A(5) of the Corporations
Act 2001 (Cth) (the Act)
and gives notice under section 708A(5)(e) of the Act of the following details:
• on 21 May 2007 AOI issued 25,000,000 ordinary fully paid shares
(Shares);
• AOI issued the Shares without disclosure to investors under Part
6D.2 of the Act;
• as at the date of this notice, AOI has complied with:
• the provisions of Chapter 2M of the Act as they apply to AOI; and
• section 674 of the Act; and
• as at the date of this notice, there is no information to be
disclosed that is ‘excluded information’ within the meaning of and
as required by sections 708A(7) and (8) of the Act.
Mark
Pitts
Company Secretary
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