Alto Resources looking to raise $2.2 million for work across Central Canada

Alto Ventures Ltd. has increased a previously announced offering of subscription receipts from $2,000,000 to $2,250,000. The breakdown of the proceeds of the offering is as follows: $1,100,000 for drilling of the company's Destiny Project in Quebec; $500,000 for an archeological study, First Nations community relations and other preliminary work on the company's Oxford Lake property in Manitoba; $300,000 for the costs of the financing and the merger; $200,000 for general & administrative costs; and $150,000 for unallocated working capital.

Proceeds from the Offering are to be held in escrow by an escrow agent to be appointed by Alto and released to Alto upon the exchange of the subscription receipts for the underlying securities in accordance with their terms. On release of the proceeds to Alto they will be applied to exploration and development of the Company's mineral projects. If the exchange has not occurred by July 31, 2020, the proceeds will be released to the subscribers.

The Offering is anticipated to close on or before May 31, 2020 and is open to qualified investors in Canada and outside of North America. 

About Alto Ventures Ltd

Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The Company is active in the Abitibi greenstone belt in Quebec on the Destiny gold property and also has projects in the Beardmore-Geraldton gold belt in Ontario and the Oxford Lake project in Manitoba.

The terms and conditions of the subscription receipts are as detailed in the March 6 Release.

Tags: Northern Ontario / Indigenous / Gold / All Articles