Alto Ventures (ATV-V) March 24, '14 has agreed to sell its underlying 0.5-per-cent net smelter returns royalty on the Windfall and Alcane properties to Virginia Mines Inc. in consideration for an amount of $750,000 payable by the issuance of common shares in the capital of Virginia at a price per share of $13. This price is equal to the volume weighted average price of Virginia on the Toronto Stock Exchange for the last five-day trading period prior to Alto Ventures accepting Virginia's offer. The common shares will be subject to a four-month regulatory hold period from the date of issuance.
In connection with this transaction, Virginia Mines will also subscribe for a non-brokered private placement in Alto Ventures totalling $250,000, at a price of 15 cents per share, totalling 1,666,667 shares. The proceeds of the private placement will be used to advance diamond exploration on Alto's properties in the Pikoo district of north-central Saskatchewan and for general working capital.
The sale of the Windfall and Alcane NSR royalty and the private placement shall close concurrently and be conditional upon: title due diligence satisfactory to Virginia, approval by the boards of directors of Virginia and Alto Ventures, regulatory approvals, and execution of final agreements with customary representations, warranties, covenants and conditions for transactions of such nature.
The Windfall and Alcane properties are located in Northern Quebec and form a contiguous block. Both are being explored actively by Eagle Hill Exploration Corp. and most of the currently known gold resources reported by Eagle Hill Exploration for the Main zone lie within the Windfall block of claims. For details of the Windfall Lake resources please see Eagle Hill Exploration news release dated March 3, 2014.
Rick Mazur, chief executive officer and Director of Alto Ventures, stated: "We are pleased to have Virginia become a shareholder of Alto Ventures. We are also pleased to become a shareholder of Virginia, a very successful growth-oriented company."
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March 19, '14 - NR
Alto Ventures Ltd. has appointed Martin Doyle, PGeo, MBA, to Alto's board of directors. Mr. Doyle is a seasoned diamond and gold exploration executive with over 35 years international experience in the De Beers and Anglo American organizations. Mr. Doyle's last assignment with De Beers was from 2004 to 2011 as senior vice-president, exploration, of De Beers Canada Exploration Inc. This was a very dynamic period of growth for De Beers in Canada with the opening of two diamond mines in Ontario and Northwest Territories where Mr. Doyle played a major role in the transformation of De Beers Canada to an integrated mining and exploration company. Prior to De Beers Canada, Mr. Doyle's previous diamond exploration assignments included president of De Beers Brasil Ltda. where he directed South American exploration operations, marine geologist/superintendent in Namibia and South Africa, and geologist in Botswana. Mr. Doyle is currently the executive chairman of Paragon Diamonds PLC, an exploration and development company with diamond projects in Lesotho, Zambia, Botswana and Tanzania.
Rick Mazur, chief executive officer and director of Alto Ventures, stated: "We are pleased to have someone of Martin's calibre join Alto's board. Martin brings not only a strong diamond industry component to the company but his achievements in team building, value creation and resource development have earned him respect as an innovative and inspirational leader in the industry. We look forward to the many contributions Martin can make as we advance our Saskatchewan diamond project."
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Northern Sask Diamond Map: altoventures.com |
