Alto Announces Strategic Share Purchase by Dalhousie Oil; Closes First Tranche of Private Placement
ALTO VENTURES LTD. 910 – 475 Howe Street Vancouver, B.C. V6C 2B3 Tel: 604.689.2599 Fax: 604.689.3609 www.altoventures.com [email protected]
NEWS RELEASE
ALTO ANNOUNCES STRATEGIC SHARE PURCHASE BY DALHOUSIE OIL; CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Vancouver, B.C., December 21, 2010. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has raised $1,075,000 in the first tranche of its private placement through the issuance of 21,500,000 Flow Through units at a price of $0.05 per unit. Each unit consists of one Flow Through share and one half of one share purchase warrant. Each whole warrant is exercisable at a price of $0.10 for a period of 12 months expiring on December 15, 2011. Finders Fees of $70,000 cash and 1.4 million broker warrants exercisable at a price of $0.10 for a period of 12 months have been paid to Norstar Securities, Toronto, Ontario.
Dalhousie Oil Company (“Dalhousie”) has participated in the current financing with the purchase of 10 million Flow Through units of Alto representing approximately 7% of the issued and outstanding shares of the Company. Dalhousie has indicated that the shares were acquired for investment purposes only.
Dalhousie Oil Company is a private Toronto-based investment firm headed by Mr. Patrick Sheridan Sr. Mr. Sheridan is a veteran geophysicist, engineer and well-known mining financier and developer who has been involved in the mining industry for over 55 years.
“We are pleased to have Mr. Sheridan and Dalhousie as a significant shareholder” stated Rick Mazur, CEO of Alto. “Mr. Sheridan has a strong presence in the mining industry and has been instrumental in the discovery and development of a number of mineral deposits and mining projects.”
Use of Proceeds will be for continued exploration on the Coldstream (Shebandowan camp) and Miner Lake (Beardmore- Geraldton camp) properties in Ontario and the Alcudia property in the Urban-Barry gold belt in Quebec.
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, Richard Mazur, President and Director CEO & Director ALTO VENTURES LTD. ALTO VENTURES LTD. Unit 8 – 1351D Kelly Lake Rd 910-475 Howe Street Sudbury, ON., P3E 5P5 Vancouver, BC, V6C 2B3 Tel: 705-522-6372 Tel: 604-689-2599 Fax: 705-522-8856 Fax: 604-689-3609 Email: [email protected] Email: [email protected] Website: www.altoventures.com Website: www.altoventures.com