Altamira Gold Announces Closing of Oversubscribed Private Placement with Lead Order from Crescat
Altamira Gold Announces Closing of
Oversubscribed Private Placement with Lead
Order from Crescat
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2021) -
Altamira Gold Corp. (TSXV:
ALTA) (FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to announce
that, subject to final approval from the TSX Venture Exchange, it has closed its non-brokered private
placement financing, previously announced on January 28, 2021.
The Company issued 20,000,000 units
(the "
Units
") at a price of $0.20 per Unit for gross proceeds of $4,000,000 (the "
Offering
"),
representing an oversubscription of $300,000 from the originally announced Offering.
Crescat Portfolio
Management LLC ("
Crescat
") participated with a lead order of $1,500,000.
Each Unit consists of one common share (a "
Share
") and one-half of one common share purchase
warrant (each whole warrant, a "
Warrant
").
Each Warrant entitles the holder to purchase one common
share in the capital of the Company at an exercise price of $0.30 per share until February 5, 2023.
The proceeds from the Offering are to be used for general working capital and for exploration at its
Cajueiro, Apiacas and Santa Helena projects.
No finders' fees were paid or are payable in connection
with the Offering.
All securities issued in connection with the Offering are subject to a four month hold
period expiring on June 6, 2021.
Michael Bennett, President & CEO of Altamira Gold commented "We are extremely pleased to
welcome Crescat, an award-winning global macro asset management firm, as a significant
shareholder of the Company as we continue to unlock the mineral potential of the Alta Floresta belt.
The confidence Crescat and its world-renowned technical advisor, Dr. Quinton Hennigh, have shown
in Altamira is a vindication of our belief that the belt has world-class potential. This financing will allow
us to advance exploration at our three most prospective projects which cover 162,206
hectares of this
prolific gold belt."
Dr. Quinton Hennigh, geologic advisor to Crescat, commented "Altamira have three high-quality near-
drill ready gold projects in the Alta Floresta belt, Mato Grosso state, Brazil. These include: 1) a robust
Au soil anomaly at the Maria Bonita target, part of the Cajueiro project, 2) the intriguing large intrusive
gold system at Apiacas, and 3) the recently discovered high-grade vein system at Santa Helena.
Usually we invest in companies with just one good project, but in this case, and with the commitment
from Altamira management to drill test all three of these virgin targets over the coming year, we see a
compelling case for significant discovery."
Kevin Smith, Founder & CIO of Crescat Capital LLC, commented "When Quinton gets excited we get
excited. That is the case here. Altamira is clearly onto an abundance of rich drill targets. We are eager
to help fund the exploration and discovery effort."
On closing of the Offering, the Company and Crescat entered into an participation rights agreement
pursuant to which Crescat
will be granted certain rights to maintain its percentage holdings of Shares in
the Company through participation in future financings.
Pursuant to Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
") the Company advises that the Offering constitutes a "related party
transaction" under MI 61-101 and the Company is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 pursuant to section 5.5(b) and section 5.7(1)(b) of the
instrument.
Qualified Person
Guillermo Hughes, P. Geo., a consultant to the Company as well as a Qualified Person as defined by
National Instrument 43-101, supervised the preparation of the technical information in this news release.
Neither the TSX Venture Exchange nor it's 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.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold projects within western central
Brazil. The Company holds 9 projects comprising approximately 200,000 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: 604.676.5660
Toll-Free: 1-833-606-6271
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.
The securities described herein have not been registered under the U.S. Securities Act or any state
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements under the U.S. Securities Act and any applicable
state securities laws.
Certain information contained herein constitutes "forward-looking information" under Canadian
securities legislation.
Forward-looking information includes, but is not limited to, statements with
respect to the Offering and the completion thereof and the use of proceeds.
Generally, forward-looking
information can be identified by the use of forward-looking terminology such as "will", "intends" or
variations of such words and phrases or statements that certain actions, events or results "will" occur.
Forward-looking statements are based on the opinions and estimates of management as of the date
such statements are made and they are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially different from those expressed or implied by
such forward-looking statements or forward-looking information, including: the receipt of all necessary
regulatory approvals, use of proceeds from the Offering, capital expenditures and other costs, and
financing and additional capital requirements. Although management of the Company has attempted
to identify important factors that could cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended.
There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and forward looking information.
The Company will not update any forward-
looking statements or forward-looking information that is incorporated by reference herein, except as
required by applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/73837