Vancouver, B.C., January 31, 2017. Alto Ventures Ltd. ("Alto" or the "Company") (ATV: TSX-V) announces that it has closed the second tranche of its private placement previously announced on December 16, 2016. The Company has raised an additional $168,460 through the issuance of 450,000 flow through units ("FT Units") and 2,919,200 non-flow through units ("NFT Units") at a price of $0.05 per each FT Unit and NFT Unit. Each FT Unit will be comprised of one flow through common share and one-half of one share purchase warrant (a "FT Warrant"). Each whole FT Warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of eighteen months expiring July 31, 2018. Each NFT Unit will be comprised of one common share and one share purchase warrant (a "NFT Warrant"). Each NFT Warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of eighteen months expiring July 31, 2018. The Company issued 42,000 finder warrants at a price of $0.05 exercisable until January 31, 2018 and paid $2,100 in cash commissions. All securities are subject to a fourth month hold period expiring June 1, 2017.
Proceeds from this financing will be used for drilling kimberlite targets on its Pikoo area diamond property in Saskatchewan, exploration of its Oxford Lake iron formation hosted gold project in Manitoba and upgrading the resource estimate at its Destiny gold project in Val D'Or, Quebec.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold and diamond properties. The Company is active in the Abitibi greenstone belt in Quebec on the Destiny gold property and is exploring in the Beardmore-Geraldton gold belt in Ontario. In Manitoba, the Company is focused on the gold and base metals potential of the highly prospective but relatively under-explored Oxford Lake property. 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:
Mike Koziol, President and Director
ALTO VENTURES LTD.
Unit 7 - 1351C Kelly Lake Rd
Sudbury, ON., P3E 5P5
Rick Mazur, CEO and Director
ALTO VENTURES LTD.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6