By Devika Patel
Knoxville, Tenn., Oct. 16 - Alto Ventures Ltd. announced it has increased its non-brokered private placement of units and shares to C$2.65 million from C$2.2 million. The deal priced on Oct. 5.
The company will sell up to 11,363,263 units, up from 6,363,636 units, at C$0.11 apiece and 10,769,230 flow-through shares, lowered from 11,538,462 shares, at C$0.13 per share.
As previously reported, each non-flow through unit will consist of one common share and one warrant. Each warrant is exercisable at C$0.20 for one year.
The warrants expire sooner if the company's shares have an average closing price of C$0.30 for 20 consecutive trading days. In that case, holders will be given 30 days' notice to exercise the warrants before the warrants expire.
The company will pay finder's fees in cash and/or securities.
Proceeds will be used for exploration and for general working capital.
Based in Vancouver, B.C., Alto Ventures is a gold exploration and development company.
| Issuer: | Alto Ventures Ltd.
|
| Issue: | Non-flow-through units of one common share and one warrant, flow-through shares
|
| Amount: | C$2.65 million (maximum)
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 5
|
| Upsized: | Oct. 16
|
| Stock symbol: | TSX Venture: ATV
|
| Stock price: | C$0.12at close Oct. 5
|
|
|
| Units
|
| Amount: | C$1.25 million
|
| Units: | 11,363,263 (maximum)
|
| Price: | C$0.11
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
|
|
| Shares
|
| Amount: | C$1.4 million
|
| Shares: | 10,769,230
|
| Price: | C$0.13
|
| Warrants: | No
|
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