Vancouver, B.C., May 29, 2020. Alto Ventures Ltd. (ATV: TSX-V) ("Alto" or the "Company") is pleased to announce that, further to its earlier news releases of March 6, 2020, March 19, 2020, April 29, 2020 and May 13, 2020 (the "Prior Releases"), it has closed the offering of subscription receipts (the "Offering"). On closing Alto has issued 22,375,000 subscription receipts (the terms of which are detailed in the Prior Releases) and delivered $2,237,500 into escrow with Computershare Trust Company of Canada (the "Escrow Agent").
The funds are to be released by Alto upon closing of the merger (the "Merger") with Empress Resources Ltd. ("Empress") and issuance of the underlying securities to the subscribers or are to be returned to the subscribers where the Merger has not occurred by August 31, 2020.
The subscription receipts and underlying securities are subject to a four month hold period expiring September 30, 2020.
Upon the escrow funds being released to Alto, Alto is to pay $150,000 and issue 1,400,000 warrants on account of finder's fees in connection with the Offering.
Final acceptance of the Offering by the TSX Venture Exchange remains subject to completion of the Merger and finalization of a five old for one new consolidation of the shares of Alto.
On release of the proceeds to Alto they will be applied to exploration and development of the Company's mineral projects.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The Company is active in the Abitibi greenstone belt in Quebec on the Destiny gold property and also has projects in the Beardmore-Geraldton gold belt in Ontario and the Oxford Lake project in Manitoba.
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.,
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.
For further information contact:
CEO and Director
ALTO VENTURES LTD.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6