Proceeds finance exploration on the company's Coldstream joint venture
By Devika Patel
Knoxville, Tenn., Jan. 18 - Alto Ventures Ltd. said it settled the final tranche of a non-brokered private placement of units and flow-through units. The deal priced for C$2 million on Dec. 10 and was increased to C$3.2 million on Jan. 10 and again to C$3.5 million on Jan. 13. The company took in a total of C$3 million, with C$1.08 million raised on Dec. 21, C$539,500 on Jan. 4 and C$1.87 million in the final tranche for a total of C$3.48 million.
The company sold 28.96 million flow-through units of one flow-through common share and a half-share warrant at C$0.05 per unit and 40.68 million units of one common share and a warrant at C$0.05 per unit. In the first tranche, Alto Ventures sold 21.5 million flow-through units. In the second tranche, the company sold 5.09 million units and 5.7 million flow-through units. The company sold 35.59 million units and 1.76 million flow-through units in the last tranche.
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.
Dalhousie Oil Co. invested C$500,000.
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$3,482,000
|
| 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 date: | Dec. 10
|
| Upsized: | Jan. 13
|
| Settlement dates: | Dec. 21 (for C$1,075,000), Jan. 4 (for C$539,500), Jan. 18 (for C$1,867,500)
|
| Stock symbol: | TSX Venture: ATV
|
| Stock price: | C$0.045 at close Dec. 9
|
| Market capitalization: | C$10.85 million
|
|
|
| Flow-through units
|
| Amount: | C$1,448,000
|
| Units: | 28.96 million
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$2,034,000
|
| Units: | 40.68 million
|
| Warrants: | One warrant per unit
|
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