Altiplano Reports Cash-Positive First Quarter Operations in Chile and Closing of Private Placement
Edmonton, April 25, 2019 - Altiplano Metals Inc. (TSXV: APN) (OTCQB: ALTPF) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report the Q1 January - March results at the historic Farellon Copper-Gold Mine near La Serena, Chile.
CEO John Williamson stated, "We are excited that we've maintained positive operating results at the Farellon project for two consecutive quarters. We continue to look ahead for growth strategies at Farellon, Laura and the Rosario vein systems."
Between January 1st and March 31st, the Company extracted 7,836 tonnes of mineralized material at Farellon and processed 6,734 tonnes yielding an average grade of 1.58% Cu. During Q1, the Company received 589,000 USD for the sale of this material, producing an operating margin of 7,800 USD from Chilean operations.
Private Placement
Altiplano also announces that it has closed the first tranche of 1,809,977 units of its previously announced private placement offering (the "Offering") of up to 6,666,665 units (the "Units") at an offering price of $0.15 per Unit (see the Company's press release dated April 12, 2019), to raise gross proceeds under the first closing of $271,500. Each Unit consists of one (1) common share of the Company, and one (1) share purchase warrant (the "Warrants") to acquire one additional common share at an exercise price of $0.20 per share until April 18, 2021. In the event that the common shares of the Company trade at a closing price greater than $0.25 per share for a period of 10 consecutive days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire. The net proceeds from the Offering will be used to finance further work on the Company's mineral resource properties in Chile, as well as to provide the Company with working capital for general and administrative expenses.
Certain arm's length finders received cash fees in total equal to $12,962 and were also issued a total of 86,416 Warrants in connection with the Offering. All securities issued will be subject to resale restrictions until August 19, 2019.
John Williamson, P.Geol., President and CEO of Altiplano, is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved the technical contents of this press release.
About Altiplano
Altiplano Metals Inc. (APN: TSX‐V) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.apnmetals.com.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
President and CEO
For further information, please contact:
Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
Tel: (604) 773-1467
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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44326
