The consortium, which includes wealthy Melbourne industrial Victor Smorgon, will subscribe for shares in ASX-listed Alta priced at 1.1c.
Alta is led by Alexander Burns who made fortune last decade selling an iron ore project in Mauritania to Xstrata for A$514 million.
Burns invested in Alta back in 2014 and has been the biggest shareholder in the company with a 23% stake.
The new investors will hold 19.9% of Alta, with Burns being diluted down to around 18%.
The company's cash position at the start of 2018 was down to $1.4 million.
Euroz-backed Alta has been a poor market performer for years.
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