06:19:39 EDT Tue 07 Apr 2020
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or Name

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Altan Rio Minerals Ltd
Symbol AMO
Shares Issued 89,123,009
Close 2020-01-22 C$ 0.01
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Altan Rio arranges $1-million private placement

2020-02-07 13:10 ET - News Release

Mr. Paul Stephen reports


Altan Rio Minerals Ltd. has arranged a non-brokered private placement of up to $1-million through the issuance of up to 100 million common shares of the company at a price of one cent per share.

The company has received conditional acceptance of the private placement from the TSX Venture Exchange following the company's application for a waiver from the minimum five-cent price for private placements pursuant to the TSX-V bulletin dated April 7, 2014. The company may pay commissions of up 8 per cent to eligible parties in connection with the private placement. The closing of the private placement, the issuance of the shares and the finders' fees remain subject to the approval of the TSX-V.

The company intends to use the proceeds from the private placement to advance its interest in the previously announced transaction with Surveyor Resources Pty. Ltd., pay certain creditors, and for general and administrative expenses.

Pursuant to the TSX-V waiver, the company will proceed with a consolidation of its common shares on the basis of one postconsolidation common share for every six preconsolidation common shares in as expeditious a manner as is possible after closing the private placement. The consolidation was approved by special resolution at the company's annual general and special meeting of the shareholders held on Oct. 29, 2019.

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