Altiplano Metals Inc (CVE:APN) reported that it has completed its previously announced and oversubscribed non-brokered equity private placement financing, consisting of 12.3 million company units, at a price of $0.25 per unit, for total gross proceeds of C$3.1 million.
Altiplano said net proceeds will be used for current exploration and development programs and to support the construction of the company’s own processing facility, as well as for general working capital purposes.
Each unit of the private placement consists of one common share plus one-half non-transferable share purchase warrant, entitling the holder to acquire one additional share at C$0.40 per share until March 19, 2023.
READ: Altiplano Metals advancing copper and gold projects
In the event that the common shares trade at a closing price equal to or greater than $0.60 per share for a period of five consecutive days during the final 18 months of the term of the warrants, then the company may deliver a notice to the warrant holders that they must exercise their warrants within the next 30 days, or the warrants will expire.
All the securities issued are subject to a four-month hold expiring on July 20. The company added that it paid finders fees to arm's length parties in connection with the offering, consisting of $113,815 in cash and 520,260 finders warrants, issued on the same terms as the warrants in the offering.
Altiplano also announced that it has granted incentive stock options to various directors, officers, and consultants to purchase up to 1.35 million common shares of the company on or before March 19, 2026, at an exercise price of $0.30 per share.
Altiplano Metals is focused on the acquisition and development of near-term, cash-flowing assets and exploration projects of significant scale. The Edmonton-based company is looking to grow into a mid-tier producer of copper, gold, and silver with its goal to have three cash-flowing assets by mid/late 2021.
Contact Sean at sean@proactiveinvestors.com