Non-brokered units, flow-through units deal lifted from C$2 million
By Marisa Wong
Madison, Wis., Jan. 10 - Alto Ventures Ltd. said it increased its non-brokered private placement of units and flow-through units to C$3.2 million from C$2 million due to a strong response from investors.
The company initially priced C$2 million of units and flow-through units in two tranches on Dec. 10. 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.
The company is selling flow-through units of one flow-through common share and a half-share warrant at C$0.05 per unit and units of one common share and a warrant at C$0.05 per unit.
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.
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, as well as for general working capital.
Alto Ventures is a Vancouver, B.C.-based gold exploration and development company.
| 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
|
| Amount: | C$3.2 million, increased from C$2 million
|
| Price: | C$0.05
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Investor: | Dalhousie Oil Co. (for C$500,000)
|
| Pricing dates: | Dec. 10 for C$2 million, Jan. 10 for C$1.2 million
|
| 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$0.065 at close Jan. 7
|
| Market capitalization: | C$56.39 million
|
|
|
| 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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