Business
Altiplano Closes Initial $600,000 Tranche of Private Placement
Edmonton, Alberta--(Newsfile Corp. - September 9, 2022) - Altiplano Metals Inc. (TSXV: APN) ...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Closes Initial $600,000 Tranche of Private PlacementEdmonton, Alberta--(Newsfile Corp. - September 9, 2022) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\") is pleased to announce that it has closed a first tranche of its non-brokered private placement (the \"Offering\") of up to 10,000,000 units (the \"Units\") at $0.20 per Unit to raise up to $2,000,000 in gross proceeds. Each Unit consists of one (1) common share of the Company, and one-half (1/2) non-transferable share purchase warrant (the \"Warrants\") to acquire one (1) additional common share at a price of C$0.30 per share for a period of two years. The Company has closed an initial first tranche of 3,100,000 Units for gross proceeds of $600,000. Certain arm's length finders received cash fees of $600 and 3,000 finders warrants, issued on the same terms as the Warrants in the Offering. All the securities issued will be subject to resale restrictions until January 12, 2023. The Offering included Insiders participation of $300,000, which constitutes a \"related party transaction\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, will exceed 25% of the Company's market capitalization (as determined under MI 61-101).The net proceeds of the Offering will be used to support working capital requirements as the Company transitions its production and sales process to the new processing facility at El Peńoń, acquire land, and further develop other assets.About AltiplanoAltiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with distric...