| ||Tue Jan 2, 2007|
Alto Announces Closing of First Tranche of Private Placement
| ||Vancouver, B.C., January 2, 2007. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has closed the first tranche of its non-brokered private placement previously announced on December 5, 2006. The Company has raised $332,000 through the issuance of 3,320,000 units. The units were sold at a price of $0.10 per unit and comprise one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.20 for a one year period expiring December 27, 2007, subject to a written expiry notice from the Company triggered by the Company's common shares trading on the TSX Venture Exchange at or above a weighted average trading price of $0.30 for 20 consecutive days and, upon such written notice from the Company, the warrants will expire 30 days from the date of such notice.|
Finders' fees will be paid on this portion of the financing in the amount of $1,750.00 and 17,500 units will be issued with the same terms as those issued to subscribers. All securities issued pursuant to the private placement are subject to a four month hold period expiring April 28, 2007. This financing is subject to regulatory approval.
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]
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