TSX.V: AMO
VANCOUVER, April 28, 2014 /CNW/ - Altan Rio Minerals
Limited ("Altan Rio" or the "Company") announces that it has
now closed the debt settlement originally announced February 20, 2014. Pursuant to the settlement,
the Company has issued a total of 20,346,555 common shares to
settle debt in the total sum of $1,424,258.90 at a deemed price of $0.07 per share. Debt in the sum of $5,000 that was originally contemplated in the
February 20, 2014 news release was
not settled for shares, resulting in a net reduction of 71,428
shares from the number originally announced. The 20,346,555 shares
so issued are subject to a hold period of four months plus a day,
expiring August 29, 2014.
Evan Jones, a
director, the President and CEO, and a greater than 10% shareholder
of the Company, participated in the debt settlement by settling
debt in the amount of $21,450.07 in
respect of which he received 306,429 common shares of the Company.
0809979 B.C. Ltd. ("BC Ltd.") a private company under the control
and direction of Mr. Jones and wholly owned by a trust of which Mr.
Jones is a beneficiary, participated in the debt settlement by
settling debt in the amount of $717,996.41 in respect of which it received
10,257,091 common shares of the Company. As Mr. Jones owned
15,539,819 common shares of the Company prior to the debt
settlement, representing approximately 29.82% of the then issued
and outstanding shares, Mr. Jones now has ownership or control or
direction over a total of 26,103,339 common shares, representing
approximately 36.03% of the issued and outstanding common shares of
the Company.
Kelly Cluer, a
director of the Company, also participated in the debt settlement
by settling debt in the total amount of $26,812.50 in respect of which he received a
total of 383,035 common shares of the Company. As Mr. Cluer owned
1,890,146 common shares of the Company prior to the debt
settlement, representing approximately 3.63% of the then issued
shares, his total shareholding in the Company is now 2,273,181
common shares, representing approximately 3.14% of the issued and
outstanding common shares of the Company.
Completion of the debt settlement transaction
was a pre-condition to the Company's previously announced private
placement of common shares with the European Bank for
Reconstruction and Development ("EBRD"), originally announced
January 8 and February 20, 2014. Now that the debt
settlement transaction has been completed, the Company anticipates
that, subject to receipt of final approval from the TSX Venture
Exchange and completion of other standard closing conditions, the
private placement with EBRD will close in the first half of May,
2014. Under the private placement, EBRD will purchase 16,666,600
common shares of the Company at $0.06
per share.
AMENDMENT TO PREVIOUSLY ANNOUNCED STOCK
OPTIONS
On February 20,
2014, the Company announced the granting of stock options on
1,420,000 common shares of the Company to directors, officers,
employees and consultants, exercisable for five years at an
exercise price of $0.10 per share.
The number of shares on which options have been granted has been
amended to 1,450,000 shares and the exercise price of the options
has been amended to $0.12 per share.
Certain of the options, granted to key management and personnel,
will be subject to vesting provisions over the next two years, tied
to certain key performance indicators relative to exploration of
the Company's key Mongolian properties.
About Altan
Rio
Altan Rio, founded in 2007, is based
in Vancouver BC, Canada. Using innovative exploration targeting
techniques and leveraging long-term in-country experience, the
company explores large-scale gold and copper projects in
Mongolia, one of the world's most
prospective mineral regions. The Company's license holdings in
Mongolia, which total more than
103,341 hectares (255,361 acres), contain significant zones of
newly identified primary gold and copper mineralization across a
very large area of unexplored ground.
On behalf of Altan Rio Minerals Limited,
"Evan Jones"
Evan Jones, President &
CEO
This press release may contain forward looking statements
including those describing Altan
Rio's future plans and the expectations of management that a
stated result or condition will occur. Any statement addressing
future events or conditions necessarily involves inherent risk and
uncertainty. Actual results can differ materially from those
anticipated by management at the time of writing due to many
factors, the majority of which are beyond the control of
Altan Rio and its
management.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Altan Rio Minerals Limited
