| ||Mon Jan 22, 2007|
Alto Announces Closing of Second and Final Tranche of Private Placement
| ||Vancouver, B.C., January 22, 2007. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement previously announced on December 5, 2006. The closing of the first tranche was announced on January 2, 2007 which raised a total of $332,000 through the issuance of 3,320,000 units. The Company has raised a further total of $725,500 through the issuance of 7,255,000 units. The units were sold at a price of 10 cents 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 20 cents for a one year period expiring January 19, 2008, 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.|
The total gross proceeds raised via this placement are $1,057,500.
Finders' Fees will be paid on this portion of the financing in the amount of $24,500 and 245,000 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 May 19, 2007.
Finders' fees were paid in the first tranche of the financing in the amount of $1,750 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.
Total finders' fees paid via this placement are $26,250 and 262,500 units.
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. Noront recently announced an underground exploration program at the Windfall project.
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
ALTO VENTURES LTD.
910 -- 475 Howe Street
Vancouver, B.C. V6C 2B3
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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