Business
Altiplano Announces Repayment of Loan Liability and Accelerates Outstanding Warrants
Edmonton, Alberta--(Newsfile Corp. - March 25, 2021) - Altiplano Metals Inc. (TSXV: APN) (WK...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Announces Repayment of Loan Liability and Accelerates Outstanding WarrantsEdmonton, Alberta--(Newsfile Corp. - March 25, 2021) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\") is pleased to announce that it has accelerated and fully repaid $800,000 in outstanding loans payable to certain arm's length investors of the Company pursuant to a debt financing that closed on March 24, 2020 (the \"Debt Financing\"). In addition, the Company has made the final installment payment of $100,000 to Comet Exploration Ltd., thus eliminating the 10% net profits interest (\"NPI\") due to Comet from profits derived from APN's Chilean projects (see press release dated April 16, 2020).CEO Alastair McIntyre comments, \"I am pleased to report the Debt Financing loans and NPI agreements are off of the Company books earlier than expected. The expiry of these obligations is very positive for the Company as they strengthen our balance sheet and improve future cash flows. The final payment on the NPI has the net benefit of removing $1.3 million in future payment obligations and, combined with the expiry of the future payments on the loans, provides the Company the opportunity to re-invest in current operations and to provide liquidity and flexibility for additional acquisitions.\"Further, the Company announces it has elected to accelerate the expiry date of 6,500,000 warrants outstanding, originally issued as part of the Debt Financing which were originally set to expire on March 24, 2023. Under the terms of the warrants, APN is permitted to accelerate their expiry date if the closing price for the Company's common shares as traded on the TSX Venture Exchange is equal to or greater than $0.20 per share for any 10 consecutive trading days. Accordingly, APN has chosen to accelerate the expiry date of the warrants to April 26, 2021.About AltiplanoAltiplano Metals Inc. (TSXV: APN) is a Canadian mining company focused on the acquisition and development of near-term cash flowing assets and exploration projects of significant scale. Altiplano's goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating profits from three cash flowing projects in 2021. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholde...