Alto Ventures Ltd. Closes First Tranche of Private Placement
VANCOUVER, January 3, 2017 - Alto Ventures Ltd. (TSX-V: ATV) (OTC PINK: ALVLF) ("Alto" or the "Company") announces that it has closed the first tranche of its private placement previously announced on December 16, 2016. The Company has raised $465,000 through the issuance of 8,600,000 flow through units ("FT Units") and 500,000 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 June 30, 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 June 30, 2018. The Company issued 651,000 finder warrants at a price of $0.05 exercisable until December 30, 2017 and paid $32,550 in cash commissions. All securities are subject to a fourth month hold period expiring May 1, 2017. After the closing of this portion of the private placement, Pavilion Flow-Through LP (2016) 1 has direct and indirect control over 11.63% of voting securities of Alto, and Gravitas Select Flow Through LP 2016 has direct and indirect control over 12.79% voting securities of Alto.
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.,
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.
For further information contact:
Mike Koziol,
President and Director
Alto Ventures Ltd.
Unit 7 - 1351C Kelly Lake Rd
Sudbury, ON., P3E 5P5
Tel: 705-522-6372
Fax: 705-522-8856
Email: koziol@altoventures.com
Rick Mazur,
CEO and Director
Alto Ventures Ltd.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6
Tel: 604-689-2599
Fax: 604-689-3609
Email: mazur@altoventures.com
SOURCE: Alto Ventures Ltd.