Vancouver, Canada, December 23, 2011 --(PR.com
)-- Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce a non-brokered private placement of up to $2,000,000 through the issuance of a combination of units (“Units”) and flow through shares (“FT Shares”) at a post consolidation price of $0.15 per Unit and $0.18 per FT Share. Each Unit consists of one post-consolidation common share and one-half of one post-consolidation share purchase warrant (“Warrant”), each whole Warrant being exercisable to purchase one common share at a price of $0.25 for a period of two years from closing. Finders’ fees will be payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange. The private placement is subject to acceptance by the TSX Venture Exchange.
The Company also announces that it received shareholder approval at its Annual and Special Meeting held on December 15, 2011 to consolidate the Company’s common shares on a 10 for 1 basis. The consolidation is subject to acceptance by the TSX Venture Exchange
Proceeds from this financing will be used for exploration on the Company’s district scale Oxford Lake gold and base metals property located in Manitoba and for general working capital purposes. The Company plans to start a 5,000m diamond drilling program in January, 2012. The program will further evaluate the iron-formation hosted Rusty Gold Zone with historical resources of 800,000 tonnes averaging 6.0 g/t gold*.
The program will also evaluate the potential for massive sulphide copper zinc deposits. Previous work, including Alto’s 1,700 line km VTEM geophysical survey has identified geology and geophysical signatures favourable for hosting massive sulphide deposits. (See News Release dated November 16, 2011).
*The resource was estimated in 1990 and a Qualified Person (QP), as defined by NI43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Alto is not treating the historical estimate as current mineral resources, as defined by NI43-101, and thus the historical estimate should not be relied upon.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in the Abitibi greenstone belt of Quebec, the Beardmore-Geraldton gold belt of Ontario and in Manitoba.
On Behalf Of The Board,
Richard J. Mazur, P. Geo.,
Neither the TSX Venture Exchange nor its 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.For further information contact:
President and Director
ALTO VENTURES LTD.
Unit 8 – 1351D Kelly Lake Rd
Sudbury, ON., P3E 5P5
Director of Corporate Affairs
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3