Altamira Announces Non-Brokered Private Placement of up to $2.5 Million
Altamira Announces Non-Brokered Private
Placement of up to $2.5 Million
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2023) -
Altamira Gold Corp. (TSXV:
ALTA) (FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") announces a non-brokered
private placement (the "
Offering
") of up to 20 million units of the Company (the "
Units
") at a price of
C$0.125 per Unit for gross proceeds of up to C$2.5 million. Each Unit will be comprised of one common
share and one common share purchase warrant (a "
Warrant
"), with each Warrant exercisable into an
additional common share of the Company at C$0.20 per share for a period of 24 months from closing of
the Offering.
Net proceeds of the Offering will be used for follow up drilling at the Company's Maria Bonita discovery
within the Cajueiro project, and for general working capital purposes.
The Company has agreed to pay a finder's fee to arm's length parties for services rendered in respect of
the Offering. The finder's fee will consist of a cash fee equal to 6% of the gross proceeds from the sale of
Units to third parties sourced by the finders, and finder's warrants equal in number to 6% of the Units sold
to third parties sourced by the finders. Each finder's warrant will be exercisable into one common share
of the Company at an exercise price of C$0.20 per share for a period of 24 months from the date of
closing.
Closing of the Offering is subject to the approval of the TSX Venture Exchange.
The securities issued
pursuant to the Offering will not be registered under the U.S. Securities Act of 1933, as amended, or any
state securities laws, and may not be offered or sold in the United States absent registration or an
exemption from the registration requirements.
All securities issued pursuant to the Offering will be
subject to a four-month hold period under Canadian securities laws and the policies of the TSX Venture
Exchange, as applicable.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold and copper projects within western
central Brazil. The Company holds 6 projects comprising approximately 190,000 hectares, within the
prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The
Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of
185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in
the Inferred Resource category.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
"Michael Bennett"
Michael Bennett
President & CEO
Tel: 604.676.5661
www.altamiragold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking statements relating to the Offering and the use of
proceeds. These statements are forward-looking in nature and, as a result, are subject to certain risks
and uncertainties that include, but are not limited to, general economic, market and business
conditions; receipt and timing of regulatory approvals; new legislation; potential delays or changes in
plans; and the Company's ability execute and implement future plans.
There is no guarantee that the
Offering will close. Actual results achieved may differ from the information provided herein and,
consequently, readers are advised not to place undue reliance on forward-looking information. The
forward-looking information contained herein speaks only as of the date of this news release. The
Company disclaims any intention or obligation to update or revise forward-looking information or to
explain any material difference between such and subsequent actual events, except as required by
applicable law.
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/184125