Alto Agrees to Sell Its NSR Royalties on the Windfall and Alcane Properties and Announces Private Placement
March 24 2014 - 7:00AM
Marketwired
Alto Agrees to Sell Its NSR Royalties on the Windfall and Alcane
Properties and Announces Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2014) - Alto
Ventures Ltd. (TSX-VENTURE:ATV) ("Alto Ventures") is pleased to
announce that it has agreed to sell its underlying 0.5% NSR Royalty
on the Windfall and Alcane properties to Virginia Mines Inc.
("Virginia") in consideration for an amount of $750,000 payable by
the issuance of common shares in the capital of Virginia at a price
per share of $13.00. This price is equal to the Volume Weighted
Average Price of Virginia on the Toronto Stock Exchange for the
last five day trading period prior to Alto Ventures accepting
Virginia's offer. The common shares will be subject to a four month
regulatory hold period from the date of issuance.
In connection with this transaction, Virginia Mines will also
subscribe for a non-brokered private placement in Alto Ventures
aggregating $250,000, at a price of $0.15 per share, totaling
1,666,667 shares. The proceeds of the private placement will be
used to advance diamond exploration on Alto's properties in the
Pikoo district of north-central Saskatchewan and for general
working capital.
The sale of the Windfall and Alcane NSR Royalty and the private
placement shall close concurrently and be conditional upon: title
due diligence satisfactory to Virginia, approval by the Boards of
Directors of Virginia and Alto Ventures, regulatory approvals and
execution of final agreements with customary representations,
warranties, covenants and conditions for transactions of such
nature.
The Windfall and Alcane properties are located in Northern
Quebec and form a contiguous block. Both are being explored
actively by Eagle Hill Exploration Corp. and most of the currently
known gold resources reported by Eagle Hill Exploration for the
Main Zone lie within the Windfall block of claims. For details of
the Windfall Lake resources please see Eagle Hill Exploration Corp.
news release dated March 3, 2014.
Rick Mazur, CEO and Director of Alto Ventures stated: "We are
pleased to have Virginia become a shareholder of Alto Ventures. We
are also pleased to become a shareholder of Virginia, a very
successful growth oriented company".
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company
with a portfolio of highly prospective Canadian gold and diamond
properties. Alto has recently acquired large packages of land in
Saskatchewan that are prospective for hosting diamonds. The Company
is active in Ontario, Quebec and Manitoba on gold exploration
through its 100% owned properties and strategic partnerships and
investments. For more details regarding the Company's projects,
please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo., CEO
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.
Alto Ventures Ltd.Mike KoziolPresident and
Director705-522-6372705-522-8856koziol@altoventures.comAlto
Ventures Ltd.Rick MazurCEO and
Director604-638-3943604-689-3609info@altoventures.com
Alto Ventures (TSXV:ATV)
Historical Stock Chart
From Dec 2024 to Jan 2025
Alto Ventures (TSXV:ATV)
Historical Stock Chart
From Jan 2024 to Jan 2025
