| ||Fri Oct 26, 2007|
Alto Announces Closing of First Tranche of Private Placement
| ||Vancouver, B.C., October 26, 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 October 9, 2007 and amended on October 16, 2007. The Company has raised $999,400 through the issuance of 6,926,152 flow through common shares at a price of $0.13 per share and 900,000 units at a price of $0.11 per unit with MineralFields Group and NovaDx Ventures Corp. The units consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at a price of $0.20 for a period of one year expiring October 24, 2008. Mineralfields Group participated in $500,000 of the non-brokered private placement through the sale of 3,846,152 flow through shares at $0.13 per share. NovaDx participated in $499,400 of the non brokered private placement through the sale of 3,080,000 flow through shares at $0.13 and 900,000 units at $0.11 per unit.|
Finder's fees were paid on this portion of the financing in the amount of $64,961 in cash, 484,830 in broker's warrants at $0.13 per warrant share on the flow through portion and 63,000in broker's warrants at $0.11 per warrant share on the unit portion. All broker warrants are exercisable for a period of one year expiring October 24, 2008 at exercises prices of $0.13 and $0.11, respectively. All securities issued pursuant to the private placement are subject to a four month hold period expiring February 24, 2008.
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.
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(r), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar)on competitive, effective and servicefriendly terms, with investors both within, and outside of MineralFields Group.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Email: [email protected]
You can view the Next News Releases item: Wed Nov 7, 2007, Alto Announces Closing Of Second And Final Tranches Of Private Placement
You can view the Previous News Releases item: Tue Oct 16, 2007, Alto Increases Financing To $2.65 Million
You can return to the main News Releases page, or press the Back button on your browser.