Business
Altamira Gold Receives $1.66 Million Through Exercise of Warrants
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2022) - Altamira Gold Corp. (TSXV: AL...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira Gold Receives $1.66 Million Through Exercise of WarrantsVancouver, British Columbia--(Newsfile Corp. - March 2, 2022) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) (\"Altamira\" or the \"Company\") is pleased to announce that the Company has raised $1,663,905 since January 1st, 2022. These funds were received as a result of the exercise of 16,639,047 share purchase warrants, with an exercise price of $0.10, that were issued in connection with the February 28th, 2020 non-brokered private placement and expired on February 28th, 2022.Altamira currently has 31,423,577 warrants outstanding, with a weighted average exercise price of $0.27 and a weighted remaining contractual life of 1.04 years. The Company's current treasury stands at approximately $5.4 million.Officers and directors of the Company exercised a total of 4,979,598 warrants for proceeds of $497,960. Of this total, the CEO of the Company exercised a total of 3,312,931 warrants representing proceeds of $331,293, and the Company's Chairman exercised a total of 1,666,667 warrants representing proceeds of $166,667. In connection with the exercise of the warrants, the CEO and the Chairman sold 1,850,421 and 890,500 common shares respectively for proceeds of $339,881 and $167,086.Michael Bennett, President & CEO commented \"We are pleased to have the continued support of our shareholders as we advance the drilling on both our Santa Helena and Apiacas projects in Brazil. We look forward to what we believe will be an exciting year ahead for Altamira in 2022.\"Technical UpdateDiamond drilling continues at both the Santa Helena Project and the Mutum target within the Apiacas Project area. At the Mutum target, a total of 10 drill holes have now been completed and samples are presently being assayed with results expected during March. At the Santa Helena Project area, a total of 11 drill holes have been completed targeting both the porphyry-style alteration and mineralization, and the vein-style copper and gold mineralization. Drill core from Santa Helena are being logged, structurally orientated and sampled ahead of dispatch to the assay laboratory in March. During March a detailed drone magnetometer survey will begin over the entire central area of the Santa Helena Project using equipment recently acquired from Terraplus Inc/ GEM systems in Cana...