The Company paid finders fees of $121,200 cash and 2,424,000 broker warrants exercisable at a price of $0.10 for a period of 12 months in connection with the private placement.. All securities are subject to a four month hold period expiring May 18, 2011. The private placement is subject to final acceptance by the TSX Venture Exchange.
Use of Proceeds will be for drilling on the Coldstream project (Shebandowan camp) and Miner Lake (Beardmore-Geraldton camp) properties in Ontario and the Alcudia property in the Urban-Barry gold belt in Quebec.
The Company also announces that, in accordance with the Company's stock option plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 3,250,000 common shares exercisable on or before January 17, 2016 at a price of $0.10 per share.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company has a strategy to discover gold deposits nearby existing infrastructure through exploration of its 100% owned properties and through strategic partnerships and joint ventures. Alto is active in the Abitibi greenstone belt of Quebec and the Beardmore-Geraldton and Shebandowan gold districts in Ontario. Recently, with the acquisition of the Chilko project in British Columbia, the company has added large tonnage bulk-mineable porphyry style deposits to its exploration portfolio.
For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD
Richard Mazur, P. Geo.
CEO
Neither 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.
For further information contact:
Mike Koziol,
President and Director
ALTO VENTURES LTD.
Unit 8 -- 1351D Kelly Lake Rd
Sudbury, ON., P3E 5P5
Tel: 705-522-6372
Fax: 705-522-8856
Email: koziol@altoventures.com
Website: www.altoventures.com
Richard Mazur,
CEO & Director
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-689-2599
Fax: 604-689-3609
Email: info@altoventures.com
Website: www.altoventures.com
