Alto Ventures Ltd. Receives $750,000 in Virginia Mines Shares and Completes $250,000 Private Placement
08.04.2014 | Marketwired
VANCOUVER, April 8, 2014 - Alto Ventures Ltd. (TSX VENTURE:ATV) ("Alto") is pleased to announce that it has completed the sale of its underlying 0.5% NSR Royalty on Eagle Hill Exploration's Windfall Lake Gold project to Virginia Mines Inc. ("Virginia") in consideration for an amount of $750,000 payable by the issuance of common shares in the capital of Virginia (see Alto news release dated March 24, 2014). In addition, Virginia Mines purchased 1,666,667 shares of Alto at a price of $0.15 per share for a total investment of $250,000. All shares issued in connection with this transaction are subject to a four month regulatory hold period.Virginia holds 6.9% of the 24,116,214 shares outstanding in Alto post-transaction. The proceeds of the private placement will be used to maintain Alto's quality gold portfolio, advance Alto's diamond exploration activities in the Pikoo district of north-central Saskatchewan and for general working capital.
Richard Mazur, CEO of Alto stated, "We are pleased that Virginia recognizes Alto's underlying value through this investment in Alto at a premium to its share price. We will aggressively explore our diamond properties in the immediate vicinity of North Arrow's Pikoo diamond discovery. Alto plans to conduct a till sampling program this summer to follow-up on some high interest geophysical targets identified on its property."
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold and diamond properties. Alto has recently acquired large packages of land in Saskatchewan that are prospective for hosting diamonds. The Company is active in Ontario, Quebec and Manitoba on gold exploration through its 100% owned properties and strategic partnerships and investments. For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo.
CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Alto Ventures Ltd.
Mike Koziol, President and Director
705-522-6372
705-522-8856 (FAX)
koziol@altoventures.com
Rick Mazur, CEO and Director
604-638-3943
604-689-3609 (FAX)
info@altoventures.com
www.altoventures.com
