By Sheri Kasprzak
New York, Jan. 17 - Alto Ventures Ltd. said it upsized to C$1 million its previously announced C$600,000 private placement.
The company now plans to sell up to 10 million units of one share and one warrant at C$0.10 each.
The warrants are exercisable at C$0.15 each for the first year and at C$0.20 each for the second year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.30 for more than 20 consecutive trading days.
The deal is being conducted on a non-brokered basis.
The offering was priced on Jan. 10.
Proceeds will be used for drilling on Alto's Despinassy and Coldstream gold projects.
Based in Vancouver, B.C., Alto is a gold exploration company.
| Issuer: | Alto Ventures Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1 million (maximum)
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| Units: | 10 million (maximum)
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| Price: | C$0.10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.15 for the first year; C$0.20 for the second year
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| Placement agent: | Non-brokered
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| Pricing date: | Jan. 10
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| Upsized: | Jan. 17
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| Stock symbol: | TSX Venture: ATV
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| Stock price: | C$0.12 at close Jan. 10
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| Stock price: | C$0.14 at close Jan. 17
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