Mr. Paul Stephen reports
ALTAN RIO ANNOUNCES PRIVATE PLACEMENT, CONFIRMS PENDING SHARE
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
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.
We seek Safe Harbor.
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