Alturas Minerals Completes $4.04 Million Financing
Toronto, November 30, 2010 – Alturas Minerals Corp. (the “Company” or “Alturas”) (TSX-V, BVL: ALT) announces that it has accepted subscription forms from a non-brokered financing of $4,040,710.80 working capital units. Funds raised will be used to advance exploration of the Company´s Peru and Chile copper-gold mineral projects and for general working capital.
Alturas placed 28,862,220 working capital units of the Company at a price of $0.14 per unit, for gross proceeds of $4,040,710.80. Each unit (a “Unit”) consisted of one common share of the Company and one-half of a share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional common share at $0.20 until the date which is the earlier of: (i) twelve (12) months from the Closing Date and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange (“TSXV”) is at least $0.30 for ten (10) consecutive trading days, and the 10th trading day (the “Final Trading Day”) is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day (the “First Closing Date”) and thereafter at a price of $0.30 per Common Share until the earlier of: (i) the date which is six (6) months from the First Closing Date and; (ii) in the event that the closing price of the Common Shares on the TSXV is at least $0.40 for ten (10) consecutive trading days, the date which is thirty (30) days from such 10th trading day.
The Company paid finders’ fees to Kallpa Securities S.A.B. (“Kallpa”) of 7.0% of funds raised. Kallpa is a Lima-based corporation dedicated to equity and fixed income sales and trading and investment banking in general, and acted as the agent to offer Alturas’ shares in Peru.
The securities are subject to a hold period and may not be traded until March 27, 2011 except as permitted by Canadian securities legislation and the TSX Venture Exchange.
About Alturas Minerals Corp.
Alturas is a Canadian corporation, and is the parent company of Alturas Minerals S.A. (“Alturas Peru”) and Alturas Chile Ltda (“Alturas Chile”). Alturas’ exploration strategy is focused on the discovery of large epithermal gold mineralized deposits and copper-gold porphyry/skarn deposits in Peru and Chile.
Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. Alturas’ properties include five drill-ready mineral exploration projects located in central and southern Peru, which includes the Chapi Chapi-Utupara Copper-Gold Project, the Sombrero Copper-Gold Project, the Ccaccapaqui Gold-Silver Project, Pampa Colorada and the Huajoto Gold-Silver-Zinc Project. In addition, Alturas Peru has interests in four other exploration projects in Peru. In Chile, Alturas has an option to acquire 100% of the La Corina copper-gold porphyry property in northern Chile.
For further information, please visit the Company's website at www.alturasminerals.com
For further information please contact Alturas at:
Phone: + 51-1- 652 4691 (Peru)
Alturas Minerals Corp.
Suite 3100, Scotia Plaza, 40 King St. W., Toronto, ON Canada M5H 3Y2
Calle Francisco de Zela # 2579, Int. D, Lince, Lima 14, Peru
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The TSX Venture Exchange and the Bolsa de Valores de Lima do not accept responsibility for the adequacy or accuracy of this release.
Cautionary Language and Forward Looking Statements
This press release may contain “forward-looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian and Peruvian securities authorities.