Business
Altamira Announces Non-Brokered Private Placement of up to $2.5 Million
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2023) - Altamira Gold Corp. (TSXV: AL...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira Announces Non-Brokered Private Placement of up to $2.5 MillionVancouver, British Columbia--(Newsfile Corp. - October 16, 2023) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), (\"Altamira\" or the \"Company\") announces a non-brokered private placement (the \"Offering\") of up to 20 million units of the Company (the \"Units\") at a price of C$0.125 per Unit for gross proceeds of up to C$2.5 million. 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 discovery within the Cajueiro project, and for general working capital purposes. The Company has agreed to pay a finder's fee to arm's length parties for services rendered in respect of the Offering. The finder's fee will consist of a cash fee equal to 6% of the gross proceeds from the sale of Units to third parties sourced by the finders, and finder's warrants equal in number to 6% of the Units sold to third parties sourced by the finders. Each finder's warrant will be exercisable into one common share of the Company at an exercise price of C$0.20 per share for a period of 24 months from the date of closing. 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 i...