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Altamira Announces Closing of Final Tranche of $900,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2018) - Altamira Gold Corp. ...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira Announces Closing of Final Tranche of $900,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 23, 2018) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), (\"Altamira\" or the \"Company\") is pleased to announce that it has closed the second and final tranche of the non-brokered private placement announced on August 13, 2018 and August 17, 2018. The originally announced $850,00 total financing was oversubscribed and the company increased the offering to $900,000 to accommodate additional subscribers. The Company has issued an additional 2,940,000 units (\"Units\") at a price of $0.10 per Unit (the \"Issue Price\") for gross proceeds of $294,000. The total combined proceeds for the first and second tranches amount to $900,000 through the issuance of 9,000,000 units. Each Unit is comprised of one common share and one non-transferable share purchase warrant exercisable at $0.20 per warrant share for a period of five years from the issue date. All the securities will be subject to a four-month hold period from the date of closing. Altamira intends to use the net proceeds for its exploration program on the Company's mineral properties in Brazil, and for general working capital purposes. No finders' fees are payable in respect of this financing. The placement is subject to final acceptance by the TSX Venture Exchange.In total, in respect of both tranches, insiders subscribed for 2,060,000 units of for proceeds of $206,000. Each insider's subscription will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (\"MI 61-101\"). The Company intends to rely on an exemption available from the formal valuation requirements under Section 5.5(a) of MI 61-101 and an exemption available from minority approval requirements under Section 5.7(a) of MI 61-101 on the basis that the fair market value of the transactions with the insiders do not exceed 25% of the Company's market capitalization.About Altamira Gold Corp.The Company is focused on the exploration and development of gold deposits within western central Brazil. The Company holds 12 projects comprising approximately 200,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Com...