Altamira Gold Upsizes Previously Announced Private Placement to $5.8 million due to Increased Demand
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2023) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company"), is pleased to announce that it has increased the size of its previously announced non-brokered private placement (the "Offering") from C$2,500,000 to C$5,800,000 due to increased investor demand. Please see the Company's news release dated October 16, 2023 for further information regarding the Offering.
Under the increased Offering, the Company proposes to issue up to 46,400,000 units of the Company (the "Units") at a price of C$0.125 per Unit for gross proceeds of up to C$5,800,000. 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 intrusive-hosted gold discovery within the Cajueiro project, and at the Santa Helena project in Brazil, and for general working capital purposes.
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: 604.676.5660
info@altamiragold.com
www.altamiragold.co
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/184821