Business
Altiplano Reports Cash-Positive First Quarter Operations in Chile and Closing of Private Placement
Edmonton, Alberta--(Newsfile Corp. - April 25, 2019) - Altiplano Metals Inc. (TSXV: APN) (OT...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Reports Cash-Positive First Quarter Operations in Chile and Closing of Private PlacementEdmonton, Alberta--(Newsfile Corp. - April 25, 2019) - Altiplano Metals Inc. (TSXV: APN) (OTCQB: ALTPF) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\") is pleased to report the Q1 January - March results at the historic Farellon Copper-Gold Mine near La Serena, Chile.CEO John Williamson stated, \"We are excited that we've maintained positive operating results at the Farellon project for two consecutive quarters. We continue to look ahead for growth strategies at Farellon, Laura and the Rosario vein systems.\"Between January 1st and March 31st, the Company extracted 7,836 tonnes of mineralized material at Farellon and processed 6,734 tonnes yielding an average grade of 1.58% Cu. During Q1, the Company received 589,000 USD for the sale of this material, producing an operating margin of 7,800 USD from Chilean operations.Private PlacementAltiplano also announces that it has closed the first tranche of 1,809,977 units of its previously announced private placement offering (the \"Offering\") of up to 6,666,665 units (the \"Units\") at an offering price of $0.15 per Unit (see the Company's press release dated April 12, 2019), to raise gross proceeds under the first closing of $271,500. Each Unit consists of one (1) common share of the Company, and one (1) share purchase warrant (the \"Warrants\") to acquire one additional common share at an exercise price of $0.20 per share until April 18, 2021. In the event that the common shares of the Company trade at a closing price greater than $0.25 per share for a period of 10 consecutive days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire. The net proceeds from the Offering will be used to finance further work on the Company's mineral resource properties in Chile, as well as to provide the Company with working capital for general and administrative expenses.Certain arm's length finders received cash fees in total equal to $12,962 and were also issued a total of 86,416 Warrants in connection with the Offering. All securities issued will be subject to resale restrictions until August 19, 2019.John Williamson, P.Geol., President and CEO of Altiplano, is the Qualified Person as defined in Na...