Altum Announces $350,000 Non-Brokered Private Placement and Assignment and Assumption Agreement for Gold Projects in Chile
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**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE SERVICES**
ALTUM RESOURCE CORP.
3148 Highland Boulevard
North Vancouver, British Columbia, V7R 2X6
Altum Announces $350,000 Non-Brokered Private Placement and
Assignment and Assumption Agreement for Gold Projects in Chile
Vancouver, British Columbia, May 6, 2020 – Altum Resource Corp. ("Altum" or the
"Company") (CSE: ALTM) announces a non-brokered private placement (the "Offering") of
up to 3,500,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of up to
$350,000. Each Unit will consist of one common share in the capital of the Company and two
separate one-half (½) of one common share purchase warrants (a "1/2 Warrant A" and
a "1/2 Warrant B", and, respectively, each whole warrant, a "Warrant A" and a "Warrant B",
and collectively, the "Warrants").
Each whole Warrant A will entitle the holder thereof to purchase one common share in the capital
of the Company at an exercise price of $0.35 per share for a period of 18 months from the closing
of the Offering. Each whole Warrant B will entitle the holder thereof to purchase one common
share in the capital of the Company at an exercise price of $0.50 per share for a period of 18 months
from the closing of the Offering. In the event the closing price of the Company's common shares
on the Canadian Securities Exchange (the "Exchange") is equal to or greater than $0.45 (for the
Warrant As) or $0.65 (for the Warrant Bs) per common share, respectively, for a minimum of ten
consecutive trading days commencing four months and one day after the closing of the Offering,
the Company may accelerate the expiry date of the Warrants by providing notice to the holders
thereof and, in such case, the Warrants will expire on the 30th day after the date on which such
notice is given by the Company.
The Company may pay finder's fees to arm's length parties that have introduced the Company to
subscribers participating in the Offering. All securities issued in connection with the Offering will
be subject to a four-month and one day hold period in Canada.
The net proceeds from the Offering are intended to be used to fund exploration and development
of Altum's projects as well as for general working capital.
None of the foregoing securities have been and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and
may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the 1933 Act) or persons in the United States absent registration
or an applicable exemption from such registration requirements. This press release does not
constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the
foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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Assignment and Assumption Agreement
The Company also announces that it has entered into an assignment and assumption agreement
dated April 17, 2020 (the "Agreement") with 1243461 B.C. Ltd. ("3461"), a private British
Columbia corporation, whereby 3461 has assigned to the Company (the "Assignment") all of its
rights under two letters of intent (the "Letters of Intent") with third party vendors to acquire a
100% interest in and to (i) certain exploitation mining concessions comprising approximately
1,000 hectares located in the Diego de Almagro Province of the Atacama Region, Chile (the "Rio
Loa Project"), and (ii) certain exploitation mining concessions comprising approximately 1,600
hectares located in the Diego de Almagro and Copiapo Provinces of the Atacama Region, Chile
(collectively, the "Coya Project"; together with the Rio Loa Project, the "Projects"). In
consideration for the Assignment and at closing, the Company has agreed to issue in aggregate
4,000,000 common shares in its capital to 3461 or its nominees.
About Altum Resource Corp.
Altum is a mineral exploration and resource development company focused on identifying
economically viable resource opportunities in the Americas.
On Behalf of the Board of Directors
James Walchuck, Chief Executive Officer, President and Director
For further information, please contact:
James Walchuck
President & CEO
T: 604-259-7707
Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-
looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact,
included herein including, without limitation, the intended use of the proceeds received from the Offering, the possible
acquisition of the Projects, the Company's expectation that it will be successful in enacting its business plans, and the
anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although
the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove
to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects",
"anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words
and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would,
might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the
Company has applied several material assumptions, including without limitation, that investor interest will be
sufficient to close the Offering, and the receipt of any necessary regulatory or corporate approvals in connection with
the Offering and the Assignment, that there will be investor interest in future financings, market fundamentals will
result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory
approvals in connection with the future exploration and development of the Company's projects in a timely manner,
the availability of financing on suitable terms for the exploration and development of the Company's projects and the
Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future
results or performance, and that actual results may differ materially from those in forward-looking statements as a
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result of various factors, including, operating and technical difficulties in connection with mineral exploration and
development activities, actual results of exploration activities, the estimation or realization of mineral reserves and
mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and
affairs, as currently contemplated, the inability to close the Offering, the inability of the Company to enter into
definitive agreements in respect of the Letters of Intent which are the subject of the Assignment, the timing and amount
of estimated future production, the costs of production, capital expenditures, the costs and timing of the development
of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic
conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor
interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining
governmental approvals, permits or financing or in the completion of development or construction activities, changes
in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any
necessary permits, consents, approvals or authorizations, including by the Exchange, the timing and possible outcome
of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other
risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis and filed
with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be
accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no
obligation to update any of the forward-looking statements in this news release or incorporated by reference herein,
except as otherwise required by law.