TORONTO, ONTARIO -- (Marketwire) -- 04/01/10 -- Alturas Minerals Corp. (the "Company") (TSX VENTURE: ALT)(BVLAC: ALT) today announced that it has accepted subscriptions for the second tranche of a non-brokered financing first announced on March 4, 2010 of $339,117of working capital units.
Alturas placed 3,569,650 working capital units of the Company at a price of $0.095 per unit, for gross proceeds of $339,117. Each unit (a "Unit") consisted of one common share of the Company and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at $0.12 for a period of one year following closing and at $0.24 in the second year following closing. The Company paid finders' fees to certain individuals of 7.5% of funds raised and issued broker warrants to those individuals equivalent to 7.5% of the units issued. Each brokers warrant would enable the holder to acquire common shares at a price of $0.095 per share for a period two (2) years from Closing.
Securities issued pursuant to the above referenced private placements are legended and restricted from trading until August 1, 2010.
In addition, further to the Company's press release dated March 17, 2010, the Corporation has completed its previously announced debt settlement with Equinox Minerals Limited by issuing 1,536,842 common shares of the Corporation priced at $0.095 per share. This has reduced the outstanding debt owed to Equinox by US$143,999 to US$231,001. The shares issued pursuant to this debt settlement are legended and restricted from trading until July 24, 2010.
The Company plans to leave the offering open until April 19 and may place up to a further 22,437,115 Units for up to a further $2,131,523.
Funds raised will be used to advance exploration of the Company's Chile and Peru mineral projects, and for general working capital.
About Alturas Minerals Corp.
Alturas is a Canadian corporation, and is the parent of Alturas Minerals S.A. ("Alturas Peru"). Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. Alturas' properties include four 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 and the Huajoto Gold-Silver-Zinc Project. In addition, Alturas Peru has interests in four other exploration projects in Peru. Alturas' exploration strategy is focused on the discovery of large epithermal gold mineralized deposits and copper-gold porphyry/skarn deposits in Peru and Chile. For further information, please visit the Company's website at www.alturasminerals.com.
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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 securities authorities.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Alturas Minerals Corp.
+ 51-1-475-1700 (Peru)