Non-brokered offering funds exploration of projects, working capital
By Devika Patel
Knoxville, Tenn., Jan. 4 - Alto Ventures Ltd. said it concluded the first tranche of a non-brokered private placement of units. The deal priced for C$2 million on Dec. 10, and the company raised C$1.08 million on Dec. 21; it raised C$539,500 in this tranche.
The company is selling flow-through units of one flow-through common share and a half-share warrant at C$0.05 apiece. It also is selling units of one common share and a warrant at C$0.05 apiece.
Each whole warrant is exercisable at C$0.10 for one year. The strike price reflects a 122.22% premium to the Dec. 9 closing share price of C$0.045.
In the first tranche, Alto Ventures sold 21.5 million flow-through units and Dalhousie Oil Co. invested C$500,000. In the second tranche, the company sold 5.09 million units and 5.7 million flow-through units.
Proceeds will be used for exploration on the Coldstream joint venture, the company's Beardmore Geraldton properties in Ontario, and the Alcudia project in Quebec and for general working capital.
The gold explorer is based in Vancouver, B.C.
| Issuer: | Alto Ventures Ltd.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, units of one common share and a warrant
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| Amount: | C$2 million
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| Price: | C$0.05
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.10
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| Agent: | Non-brokered
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| Investor: | Dalhousie Oil Co. (for C$500,000)
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| Pricing date: | Dec. 10
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| Settlement dates: | Dec. 21 (for C$1,075,000), Jan. 4 (for C$539,500)
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| Stock symbol: | TSX Venture: ATV
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| Stock price: | C$0.045 at close Dec. 9
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| Market capitalization: | C$6.03 million
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| Flow-through units
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| Warrants: | One half-share warrant per unit
|
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| Units
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| Warrants: | One warrant per unit
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