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Vancouver, British Columbia–(Newsfile Corp. – April 1, 2022) – Altan Rio Minerals Limited (TSXV: AMO) (“Altan Rio“or the”Company“) is pleased to announce the closing of a first tranche (the “First installment“) of its previously announced non-brokered private placement of units (the “Private placement“). The first tranche generated gross proceeds of approximately C$927,226 from the sale of 7,726,885 units (each a “Unity“) at a price of CA$0.12 per unit.

Each unit consisted of one common share of the Company (each a “Ordinary share“) and one common share purchase warrant (each a “To guarantee“), each warrant entitling its holder to acquire one common share at a price of C$0.18 per share until April 1, 2025. The Company has the right, at its sole discretion, to advance the expiry date of the Warrants upon occurrence of the Common Shares trading at a VWAP of at least C$0.25 on the TSX Venture Exchange (the “TSXV“) over ten (10) consecutive trading days.

The Company intends to use the proceeds of the private placement to advance its interest and the drilling program on the Southern Cross North property, evaluation and exploration of the “E” concession (E77/2691) in accordance to its recently signed option agreement to purchase a 90% interest in the “E” tenement and the possibility of increasing the company’s land ownership to approximately 140 km2 in the Frasers Corinthian Shear Zone (see the company’s press release dated September 13, 2021), for cash payments to be made under the “E” tenement option agreement, the payment of certain unpaid invoices for professional services and for the general working capital and administrative expenses.

Subject to TSXV approval, the Company will pay certain individuals (the “Researchers“) finder’s fees in connection with the private placement, consisting of, in the aggregate: (i) cash payments of C$25,391.20, an amount equal to 8% of the gross proceeds raised from underwriters presented to the Company through intermediaries; (ii) 264,492 broker warrants, with substantially the same terms as the warrants, being an amount equal to 10% of the units sold to subscribers presented to the Company by the Finders; and (iii) a cash payment of CA$8,856.00 to a Finder, being an amount equal to 6% of the gross proceeds collected from a subscriber presented to the Company through such intermediary.

The securities underlying the Units sold in the Private Placement are subject to a statutory hold period under applicable Canadian securities laws expiring on August 2, 2022.

About Altan Rio

Altan Rio is a Western Australian-based gold exploration company with a primary focus on the Southern Cross greenstone belt, a prolific gold-producing region. The Company is focused on applying world-class technologies and exploration experience to proven mineral holdings to generate shareholder wealth through discovery and production. Altan Rio holds 15 granted prospecting licenses covering an area of ​​23.7 square kilometres, representing a significant position in one of Western Australia’s premier gold producing belts. The project tenure is located in the center of the greenstone belt and is adjacent to many former high-grade producers, including Frasers, Golden Pig and Copperhead. To learn more about the company, visit our website at https://www.altanrio.com/.

On behalf of Altan Rio

For more information contact:

Paul Etienne
Chief Executive Officer
Email: [email protected]
+61 9322 1788

David Tasker
Chapter One Advisors
Email: [email protected]
+61 433 112 936

Caution regarding forward-looking information

This press release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Altan Rio to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. statements. These forward-looking statements are based on management’s current expectations and beliefs, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Actual results may differ materially from those currently anticipated in such statements, and Altan Rio assumes no obligation to update such statements except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119029