Vancouver, B.C., September 24, 2015. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce a non-brokered private placement of up to $400,000 through the issuance of a combination of flow through units ("FT Unit") and non-flow through units ("NFT Unit") at a price of $0.04 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 flow through common share of the Company at a price of $0.08 per share for a period of two years from the date of closing of the financing. 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 $0.08 per share for a period of two years from the date of closing of the financing.
The private placement is subject to TSX Venture Exchange approval and all securities are subject to a four month hold period. Finder's fees will be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange. The Offering will be conducted under available exemptions from the prospectus requirements of applicable securities legislation and participation in the private placement will be available to existing shareholders in qualifying jurisdictions in Canada in accordance with the provisions of Multilateral CSA Notice 45-313 and BC Instrument 45-354 (the "Existing Shareholder Exemption"). The Company has set September 23, 2015 as the record date for the purpose of determining shareholders entitled to participate in the private placement in reliance on the Existing Shareholder Exemption. Qualifying shareholders who wish to participate in the private placement should contact the Company at the contact information set forth below. If the private placement is over subscribed for, units will be allocated pro-rata amongst all subscribers.
Proceeds from this financing will be used for continuing exploration on Alto's GEFA diamond project adjacent to North Arrow's Pikoo diamond discovery in northwestern Saskatchewan as follows:
|Till Sample Collection||$165,000|
|Till Sample Processing & Analysis||$ 70,000|
|Consulting & Interpretation||$ 15,000|
|Ground Geophysics||$ 50,000|
The till sampling program is scheduled to start in early October. Previous work by Alto Ventures has identified at least three kimberlite dispersion trains from its limited till sampling program in 2014 (see Alto Ventures news release dated February 23, 2015). A high resolution airborne magnetic survey in 2015 identified 16 priority targets that require follow-up till sampling to prioritize these targets. The objectives of this program are to advance some of the targets to the drill stage.
The GEFA claims lie strategically adjacent to and east of the Pikoo diamond property held by North Arrow Minerals. To date, drilling by North Arrow discovered three diamond bearing kimberlites and diamond count results for the fourth, PK314 (see map) are pending.
Till sample processing will be completed by C.F. Minerals Research Ltd. of Kelowna, B.C. C.F. Minerals is a heavy mineral processing laboratory founded by Mr. Charles Fipke and specializes in diamond, gold, platinum and base metals.
Alto's President Mike Koziol, P. Geo. has reviewed the contents in this news release. He is a qualified person under the provisions of National Instrument 43-101 and approves the technical data and conclusions in this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian diamond, gold and base metals properties. Alto's diamond land holdings total approximately 89,536 hectares in central eastern Saskatchewan near the recent discovery of diamonds on the Pikoo Project. 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:
President and Director
ALTO VENTURES LTD.
Unit 7 - 1351C Kelly Lake Rd
Sudbury, ON., P3E 5P5
CEO and Director
ALTO VENTURES LTD.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6