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ATV Alto Ventures Ltd

0.15
0.00 (0.00%)
23 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Alto Ventures Ltd TSXV:ATV TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.15 0.145 0.15 0 01:00:00

Alto Ventures and Birch Hill Gold Amend Terms of Coldstream Acquisition

02/12/2013 12:30pm

Marketwired Canada


Alto Ventures Ltd. (TSX VENTURE:ATV) is pleased to announce it has entered into
an amending agreement with Birch Hill Gold Corp ("BHG") concerning the sale of
its ownership in the Coldstream property in Ontario (the "Property")(see Press
releases dated November 1, 2011, February 15, 2012 and June 27, 2012). As
consideration for Alto's 40% interest in the Property, BHG was to pay $2,500,000
payable through the issuance of 10,000,000 common shares at a price of $0.12 per
share (all of which shares have been issued) and $1,300,000 in cash over a six
month period. BHG has paid to Alto $533,839 and $766,161 continues to be due to
Alto, as secured by a debenture on the Property. 


Pursuant to the amending agreement, of the remaining $766,161 (the "Balance"),
$383,080 will be paid by BHG through the payment of a minimum of 25% of the
aggregate net proceeds of any non-flow through equity financing raising
completed by BHG, provided however that $191,540 must be paid not later than
February 21, 2014 and a further $191,540 must be paid not later than May 21,
2014. Upon completion of the payments due on February 21, 2014 and May 21, 2014,
BHG must settle the remaining balance outstanding of $383,081, on or before May
31, 2014, through the issuance of 3,830,810 shares of Birch Hill or any
combination of cash and shares at the option of BHG. Interest will accrue on the
outstanding balance at a rate of 6% per annum payable quarterly in shares of
BHG. Birch Hill will pay to Alto, in addition to the Balance, 574,620 bonus
shares which are payable upon TSX Venture Exchange approval of the amended
debenture.


The Agreement is subject to Birch Hill and Alto obtaining Board approval and
Birch Hill obtaining approval from the TSX Venture Exchange. 


About Alto Ventures Ltd

Alto Ventures Ltd. is an exploration and development company with a portfolio of
highly prospective Canadian gold and base metals properties. The Company is
active in Quebec in the Abitibi greenstone belt on the Destiny gold property and
in Ontario, exploring in the Beardmore-Geraldton gold belt. In Manitoba, the
Company is focused on the gold and base metals potential of the highly
prospective but relatively under-explored Oxford Lake property 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
ALTO VENTURES LTD.
Mike Koziol
President and Director
705-522-6372
705-522-8856 (FAX)
koziol@altoventures.com


ALTO VENTURES LTD.
Rick Mazur
CEO and Director
604-638-3943
604-689-3609 (FAX)
info@altoventures.com
www.altoventures.com

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