| ||Tue Dec 5, 2006|
Alto Announces Private Placement Financing
| ||Vancouver, B.C. December 5, 2006. Alto Ventures Ltd. (ATV: TSX.V) is pleased to announce a $1,000,000 non-brokered private placement financing. The financing will be completed through the issuance of up to 10,000,000 units at a price of $0.10 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.20 exercisable within one year of the date of closing. The terms and conditions of the warrants will also contain an accelerated exercise provision that, if the Company's shares trade on a weighted average trading price of $0.30 for 20 consecutive trading days, warrant holders will be given notice that they have 30 days to exercise or their warrants will expire. Finder's fees payable in cash and/or securities will be paid in conjunction with this placement in accordance with TSX Venture Exchange policies.|
Proceeds from this financing will be used for advancement of the Company's Despinassy, Beardmore and Alcudia gold projects and for general working capital. Alcudia adjoins Noront Resources' Windfall gold project in Quebec (in which Alto holds a 0.5% Net Smelter Royalty interest) where a drill hole intercept of 1,792.9 g/t gold (52.2 ounces per ton) over 4.8 metres (15.7 feet) was recently reported. Completion of the private placement remains subject to acceptance by the TSX Venture Exchange.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of nine properties in the Canadian Shield. The Company is focused on the Despinassy project in the Abitibi Greenstone Belt, Quebec and projects in the Shebandowan and Beardmore gold districts, Ontario.
ON BEHALF OF THE BOARD,
Richard Mazur, P.Geo.
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Manager of Corporate Communications
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC V6C 2B3
Email: [email protected]
You can view the Next News Releases item: Tue Dec 19, 2006, Alto Ventures Appoints Director And Issues Stock Options
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