Raising $$$Alto Announces a Private Placement of Up to $1,500,000
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2010) - Alto Ventures
Ltd. (TSX VENTURE:ATV) is pleased to announce a non-brokered private placement
to raise up to $1,500,000 through the issuance of a combination of flow through
common shares at a price of .08 per share and units at a price of
.07 per unit. Each unit consists of one common share and one share purchase warrant.
Each warrant is exercisable at a price of .12 per share for a period of one
year from closing. Finders' fees will be payable on a portion of the private
placement in accordance with the policies of the TSX Venture Exchange. The
private placement is subject to regulatory approval.
Part of the proceeds from the private placement will be used on the Company's
100 percent owned projects in the Beardmore-Geraldton gold belt where surface
gold mineralization has been identified but has not been fully mapped or
drilled. Work in the Beardmore-Geraldton area will start in May with geological
mapping, mechanical stripping and sampling to be followed by diamond drilling
later this summer. In Quebec, the Company is planning diamond drilling for later
this year on its wholly owned Alcudia property in the Urban-Barry gold belt. The
Alcudia claims have a number of drill-ready targets and are strategically
located adjacent to the Windfall Lake project from which high grade gold
intercepts, up to 14.2 g/t gold over 52 m, were reported recently. The Company
is also preparing a summer exploration program for its recently acquired Chilko
property near Williams Lake British Columbia. Targets on the Chilko property
include large tonnage bulk-mineable gold and copper porphyry deposits. The
remainder of the placement proceeds will be used for general working
capital.