Alto Energy bolsters cash stocks with $2m capital raising

Perth-based oil and gas exploration company Alto Energy International Ltd aims to raise $2 million through a share issue to bolster cash reserves ahead of a drilling program and survey of its US assets.

The company will issue 40 million shares at five cents each to specific clients of lead manager to the deal Argonaut Securities.

There is no minimum subscription of shares, and the offer is not underwritten.