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Altamira Gold Sees Additional Exercise of Warrants Bringing Company's Treasury to $6.1M Enabling an Aggressive 2021 Exploration Program
Ground IP Geophysical Program in progress at the Mutum Target, Apiacas Project Vancouver, Bri...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira Gold Sees Additional Exercise of Warrants Bringing Company's Treasury to $6.1M Enabling an Aggressive 2021 Exploration ProgramGround IP Geophysical Program in progress at the Mutum Target, Apiacas ProjectVancouver, British Columbia--(Newsfile Corp. - May 12, 2021) -  Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) (\"Altamira\" or the \"Company\") announces that the Company has raised an additional $1,104,490 in the past few days bringing proceeds from recent warrant exercises to $2,537,077. The Company's current treasury stands at approximately $6.1 million, sufficient to undertake its aggressive 2021 exploration program. Michael Bennett, President & CEO commented, \"These additional funds allow us to aggressively explore our 3 main projects and continue to advance our growth strategy. Once again, we would like to thank our long-term shareholders for supporting the Company through the process of exercising these warrants and we look forward to commencing a significant and well-financed exploration drill program in the next few months.\"As previously disclosed in the news release dated May 5th, 2021, officers and directors of the Company exercised a total of 1,072,800 warrants for proceeds of $160,920. Of this total, the CEO of the Company exercised a total of 672,800 warrants representing proceeds of $100,920, and the Company's Chairman exercised a total of 400,000 warrants representing proceeds of $60,000. In connection with the exercise of the warrants, the CEO and the Chairman sold 284,000 and 170,000 common shares respectively for proceeds of $102,458 and $61,320.Mutum IP SurveyThe Company has launched its 3D Induced Polarization and Resistivity (\"IP\") ground geophysical survey at the 100% controlled Apiacas Project, located in Mato Grosso State, Brazil. The program is centered on the large-scale Mutum gold target and incorporates areas covered by on-going geochemical rock sampling and geological mapping programs.The IP survey is intended to assist with the identification of sulfide mineralization related to the gold mineralizing system at Mutum and will guide subsequent trenching and drill targeting. Recent surface mapping has delineated a large area of pyritic mineralisation and sericitic alteration in addition to extensive historic artisanal colluvial gold workings over an area encomp...