Non-brokered financing raises funds for exploration, working capital
By Devika Patel
Knoxville, Tenn., Dec. 16 - Alto Ventures Ltd. said it plans a C$2 million non-brokered private placement of units and shares.
The company will sell units at C$0.15 apiece and flow-through shares at C$0.18 per share. Each unit consists of one common share and one half-share warrant, with each warrant exercisable at C$0.25 for two years.
Proceeds will be used for exploration on the Oxford Lake gold and base metals property and for general working capital.
The company also announced that it received shareholder approval on Dec. 15 to consolidate the common shares on a 10-for-1 basis.
Based in Vancouver, B.C., Alto Ventures is a gold exploration and development company.
| Issuer: | Alto Ventures Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through shares
|
| Amount: | C$2 million
|
| Agent: | Non-brokered
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| Pricing date: | Dec. 16
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| Stock symbol: | TSX Venture: ATV
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| Stock price: | C$0.015 at close Dec. 15
|
| Market capitalization: | C$3.8 million
|
|
|
| Units
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| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
|
|
| Shares
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| Price: | C$0.18
|
| Warrants: | No
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