Business
Altiplano Closes Debt Financing and Provides Update on COVID-19
Edmonton, Alberta--(Newsfile Corp. - March 25, 2020) -   Altiplano Metals Inc. (TSXV: AP...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Closes Debt Financing and Provides Update on COVID-19Edmonton, Alberta--(Newsfile Corp. - March 25, 2020) -  Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\"), is pleased to announce that it has closed its debt financing to raise $800,000 in loans (the \"Loans\") from certain arm's length investors of the Company (the \"Debt Financing\") further to its press release on January 8, 2020. Under the terms of the Debt Financing, the Loans were advanced in escrow until a total of at least $1.25 Million was raised pursuant to this Debt Financing, or any other financings of the Company. As announced on March 18, the Company also recently closed an equity financing to raise another $500,000, and therefore the escrow release condition has now been met. Alastair McIntyre, CEO commented \"We are pleased to move forward on the next stage of the Company's development. This funding will permit us to further focus on building new infrastructure on site, including a fit for purpose mill and a flotation plant. This will provide Altiplano the opportunity to improve on our costing profile and lead to enhanced returns.\" To date, the Company has extracted 62,261 tonnes of mineralized material at a grade of 1.68% through the underground bulk sampling process resulting in the recovery of 1.66 million pounds of copper, primarily through toll milling.The expansion of the Hugo Decline began in mid-March and continues on schedule. This work is designed to provide access to an additional mineralized material below the current working levels.As a further update, the Company continues to monitor the impact of the COVID-19 virus in both Canada and Chile and has implemented a wide-ranging set of initiatives to mitigate any risk to our employees, contractors, and stakeholders. John Williamson, Chairman commented, \"The well-being of our employees, communities, business partners and stakeholders is our primary priority. A business continuity plan is in place to safeguard the health and safety of our personnel while ensuring our operations remain unaffected. There has not been any disruption to planned work activities, but we are continuously monitoring the progress of COVID-19 developments and will react accordingly for the health and safety of all stakeholders\".To support the reduction in the spread of the diseas...