| ||Tue Oct 16, 2007|
Alto Increases Financing To $2.65 Million
| ||Vancouver, B.C. October 16, 2007. Alto Ventures Ltd. (ATV: TSX.V) is pleased to announce that because of strong response from investors, the Company has increased its non-brokered private placement financing to $2,650,000 from the initially targeted $2,200,000 (see Alto news release dated October 9, 2007). The amended financing will be completed through the issuance of up to 10,769,230 flow-through shares at $0.13 per share and 11,363,263 units at a price of $0.11 per unit. Each non-flow through 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 volume weighted average closing 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 exploration work in the Beardmore-Geraldton Gold Belt, diamond drilling of the Company's Despinassy Property and for general working capital. Exploration in the Beardmore-Geraldton area is very active and Alto is well positioned with four gold projects in the belt. Drilling at Despinassy will focus on advancing several of the previously identified prospects, including the Darla Zone where 19.5 g/t gold was obtained across 2.1m from drilling, as well as increasing the size of the DAC Deposit where resources of 167,000 tonnes grading 6.88 g/t gold in the Indicated plus 445,000 tonnes grading 4.46 g/t gold in the Inferred categories were estimated in compliance with NI43-101 standards (see Alto news release dated November 26, 2006).
Completion of the private placement remains subject to acceptance by the TSX Venture Exchange.
Mike Koziol, P. Geo., P.Eng. and Alto's President and Director is the Qualified Person that has reviewed and approved this news release.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of twelve properties in the Canadian Shield. With a pipeline of quality projects, the Company's approach to maximizing opportunities while minimizing exploration risk is to attract well financed partners with the technical expertise to take the projects onto feasibility and subsequently production.
Alto's Management and Board of Directors have a long and successful track record of creating shareholder value through systematic exploration, acquisitions and discovery. The Company is currently active in Quebec where it is focussed on the Despinassy project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng. President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. For further information contact:
Mark Prosser Investor Relations Manager ALTO VENTURES LTD. 910-475 Howe Street Vancouver, BC, V6C 2B3 Tel: 604-638-3947 Fax: 604-689-3609 Email: [email protected] Website: www.altoventures.com
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