By Sheri Kasprzak
New York, Feb. 15 - Alto Ventures Ltd. said it has completed the last tranche of an over-subscribed private placement for C$1,109,000.
The company issued a total of 11.09 million units of one share and one warrant on a non-brokered basis.
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 was priced on Jan. 10 as a C$600,000 offering and was upsized to C$1 million Jan. 17.
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.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,109,000
|
| Units: | 11.09 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 for the first year; C$0.20 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | Jan. 10
|
| Upsized: | Jan. 17
|
| Settlement date: | Feb. 15
|
| Stock symbol: | TSX Venture: ATV
|
| Stock price: | C$0.12 at close Jan. 10
|
| Stock price: | C$0.14 at close Jan. 17
|
| Stock price: | C$0.13 at close Feb. 15
|
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